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l_kindred
New Member

I sold my home last year. The profit on it was under the 500,000 capital gains limit. Can I deduct the agent comissins and what other expenses?

 
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3 Replies

I sold my home last year. The profit on it was under the 500,000 capital gains limit. Can I deduct the agent comissins and what other expenses?

Those selling expenses are not deductible.  They can be used to reduce the gain on the home.

 

Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)

KrisD15
Expert Alumni

I sold my home last year. The profit on it was under the 500,000 capital gains limit. Can I deduct the agent comissins and what other expenses?

No, those "expenses" on a "personal sale" would only be used to lower capital gains if any. 

If you are filing Married Filing Jointly and are able to take advantage of the Section 121 Exclusion on the entire gain, those expenses are irrelevant. 

They are not enter or used elsewhere on your return. 

 

@l_kindred

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I sold my home last year. The profit on it was under the 500,000 capital gains limit. Can I deduct the agent comissins and what other expenses?

If married filing jointly those expense would only be irrelevant if you and spouse qualify for the full $500,000 home sale exclusiom

 

A) at least one of you owned it for at least 2 years in any 5 years before sale

B) both of you occupied it for at least 2 years in any 5 years before sale

c) neither of you used the exclusion within two years of this sale.

 

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