Yes, some items included in closing expenses may be deductible. If you are required to report your home sale,
there will be a space in the software to enter the date sold, Selling Price,
and Sales Expenses. You can deduct the items listed below in Sales
Expenses. You cannot deduct normal maintenance items, but you can deduct
expenses to prepare the home for sale.
If you received a Form
1099-S, you need to report it. If all of the following apply, you
don't need to report it.
- You lived in the home as your main home for at 2 of the
5 years preceding the sale.
- Your "net" profit from the sale is less than
$250,000 ($500,000 if Married Filing Jointly).
- You didn't take depreciation deduction on the home or
use it for business during the time you owned it.
- You didn't rent it out at any time that you owned it.
- You didn’t receive a Form 1099-S.
Where to enter the
sale of your home
(if
required) in TurboTax: While inside the software and working
on your return, type sale of home in the Search at the top of
the screen (you may see a magnifying glass there). There will be a popup
that says Jump to sale of home. Select that to get
to the general area.
Sales expenses are
listed in the sellers column of your settlement statement and 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
- any fees for a service that helped you sell your home
without a broker (listing fees, promotional fliers, etc.)
NOTE:
Sales expenses do not
include:
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees
Is the Sale of My Main Home Taxable?
https://ttlc.intuit.com/replies/3300213
For your home purchase,
you can deduct any interest, property taxes, and most mortgage insurance premiums
that are reported on the Form 1098 Mortgage Interest statement. You can also deduct any interest or property taxes
from the settlement statement that are not already reported on the Form 1098 and not
"pre-paid" and held in escrow.
Additionally, you
can deduct qualified points paid on a mortgage and qualified mortgage insurance
premiums. (Points can also be called loan origination fees, maximum
loan charges, discount points, or loan discount.)
Where do I enter my 1098 mortgage interest statement?
https://ttlc.intuit.com/replies/4793767
Here's an alternate method to get there:
-
Federal
Taxes tab (Personal in the Home and Business Version
- Deductions
and Credits
- Your
Home
-
Mortgage
Interest and Refinancing (select Add a Lender if you have already
entered one)
