Follow the step by step guide and answer the questions as they relate to your situation.
Sales expenses include:
- commissionsSales expenses do not include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees
Can anybody point to the code section that authorizes these expenses?
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p523.pdf">https://www.irs.gov/pub/irs-pdf/p523.pdf</a>
These resources are helpful, but I am searching for primary sources of authority. The closest I can find is a Treasury Regulation related to IRC Sec. 1034, which was repealed.
When entering the Gross or Net on the sale of a lot, are the real estate taxes included in the cost of the sale? Or should they not be included in my cost for the sale? Also, our 1099-S only shows Gross Proceeds. However, turbo tax asks for Net, not gross. Do I use the 1099-S Gross figure, or can I use the net figure on the closing statement instead of the 1099-S Gross figure. And would the real estate taxes have to be factored out? thanks
Follow the step by step guide and answer the questions as they relate to your situation.
Sales expenses include:
- commissionsSales expenses do not include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees