I bought a house & flipped it 2 months later. This was a one time deal. I' m not in the flipping business. What SELLING expenses can I write off & where to I enter them?

[tmoon]

The1099S showed gross proceeds. I paid $35625 in realtor fees, $900 in real estate taxes, $5625 in transfer tax and $80 misc. fees (notary, courier). Can all of this be expensed? Is any/all of this subject to the 2% rule for misc. deductions?  Where do I enter my expenses on Turbo Tax Premier?

[Critter · Accepted solution]

You don't "expense" anything ... you sold a capital asset.  So you will add together all of the costs and enter it as the total basis in the program.

Purchase price + cost to purchase + improvements + cost of sale = cost basis

Sales price -  cost basis =  short term cap gain or loss

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