How do I deduct costs of sale to offset a capital gain on sale of an investment property? Where do I report this?

[donnajeancoats]

I am entering the sale under investment sales - other.  It asks for a gross sales figure.  Where do I enter my expenses (closing costs, etc.) to offset the capital gain to reach my net sale figure? 

[Coleen3]

You would add them to the purchase price, not deduct them from the sales price.

Almost no closing costs incurred on a sale of a residence are deductible.  An exception is any mortgage interest or real estate taxes charged at closing to bring them up to the closing date.  All other closing costs (Title fees, real estate commissions, documentary stamps, credit report costs, costs of an abstract, transfer taxes, home inspection, flood certificate, attorney fees, etc. ), instead of being deductible, reduce the sales price of the property.