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Where can I find Sales Expenses involved in selling a home?

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Where can I find Sales Expenses involved in selling a home?

You can find your expenses on the closing statement.

 

From Pub 523:

There is no tax deduction for transfer taxes, stamp taxes, or other taxes, fees, and charges you paid when you sold your home. However, if you paid these amounts as the seller, you can treat these taxes and fees as selling expenses. If you pay these amounts as the buyer, include them in your cost basis of the property.

 

 Selling expenses. These are the costs directly associated with selling your home.
 a.Any sales commissions (for example, a real estate agent's sales commission)a._____
 b.Any advertising feesb._____
 c.Any legal feesc._____
 d.Any mortgage points or other loan charges you paid that would normally have been the buyer's responsibilityd._____
 e.Any other fees or costs to sell your homee._____
 f.Add lines 2a through 2e. These are your selling expenses

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2 Replies

Where can I find Sales Expenses involved in selling a home?

You can find your expenses on the closing statement.

 

From Pub 523:

There is no tax deduction for transfer taxes, stamp taxes, or other taxes, fees, and charges you paid when you sold your home. However, if you paid these amounts as the seller, you can treat these taxes and fees as selling expenses. If you pay these amounts as the buyer, include them in your cost basis of the property.

 

 Selling expenses. These are the costs directly associated with selling your home.
 a.Any sales commissions (for example, a real estate agent's sales commission)a._____
 b.Any advertising feesb._____
 c.Any legal feesc._____
 d.Any mortgage points or other loan charges you paid that would normally have been the buyer's responsibilityd._____
 e.Any other fees or costs to sell your homee._____
 f.Add lines 2a through 2e. These are your selling expenses
Carl
Level 15

Where can I find Sales Expenses involved in selling a home?

All monetary transactions on the sale of a home are on the ALTA closing statement you got at the closing. There are four basic types/formats of the ALTA form. Most common is the ALTA Combined Settlement Statement, and may be what you were provided at the closing.

 

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