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Level 3

Selling expenses for home

I'm calculating my selling expenses for my former home.  According to the IRS, my former home's selling expenses doesn't include dues paid to a homeowner's association.  But would selling expenses include fees paid to a homeowner's association for its documents and transferring my account?  Would selling expenses include an inspection fee for pests, which was required by the sale?  Thanks.

1 Reply
Intuit Alumni

Selling expenses for home

Unfortunately, not everything is deductible because it cost you money. Below are deductible sales expenses. When the IRS speaks of a fee, it is a fee payable for the explicit service. Unless, your condo association performed one of the services below, it is not included. Similarly, the fact that someone might refuse to buy your house unless you jump through some sort of hoop, does not make it deductible.

Sales expenses include:

 - commissions

 - appraisal fees

 - broker's fees

 - legal fees

 - advertising fees

 - home inspection reports

 - title insurance

 - transfer taxes or fees

 - geological surveys

 - loan charges (points) or other fees paid on the buyer's behalf


Sales expenses do not include:

 - mortgage payoffs

 - home equity loan payoffs

 - rent-back costs

 - payoff to creditors

 - property taxes

 - home owner association fees

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