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sutherlin411
New Member

I sold a home in 2020 and I received a substitute 1099-S. What expenses can I claim, e.g. Water Bill final payment or Home Warranty?

 
2 Replies
DavidD66
Expert Alumni

I sold a home in 2020 and I received a substitute 1099-S. What expenses can I claim, e.g. Water Bill final payment or Home Warranty?

You are allowed to deduct from the sales price selling expenses, such as:

  • advertising
  • appraisal fees
  • attorney fees
  • closing fees
  • document preparation fees
  • escrow fees
  • mortgage satisfaction fees
  • notary fees
  • points paid by seller to obtain financing for buyer
  • real estate broker's commission
  • etc.

You can increase your cost basis by the amount of any improvements (not repairs) you made to the property.

 

Things like utility bills, pest control, etc are not deductible.

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Mike9241
Level 15

I sold a home in 2020 and I received a substitute 1099-S. What expenses can I claim, e.g. Water Bill final payment or Home Warranty?

if it was your residence and never rented only costs associated with selling are deductible as a sales expense. utilities, water bills, telephone bills, HOA fees, assessments, real estate taxes are not

selling expenses could include (if charged to the seller) 

attorney fees

title charges

sales commission

warranty costs

inspection fee

transfer tax

 

 

 

 

 

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