I sold my home in 2018 and am now renting. I did not receive a 1099S. Are any of the costs associated with the sale deductible? IF so, how do I enter them.
I started with Deluxe on-line and in the middle of doing my return, upgraded to Premie on-line, but still can't find anyplace to enter deductions on my home sale.
I sold my home in 2018 and am now renting. I did not receive a 1099S. Are any of the costs associated with the sale deductible? IF so, how do I enter them.
Yes, deductible costs associated with the sale 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
What’s not included?
Mortgage payoffs
Home equity loan payoffs
Rent-back costs
Payoff to creditors
Property taxes
Homeowner association (HOA) fees
To report the sale:
In your open return, type "sale of home" into the search box and click on the "Jump to" link that appears in the search results. Click "Continue" on the next screen. Then +Add Sale, on the next screen. Follow the program prompts to enter the details of the sale. You'll enter the combined Sales Expenses on the Sales Information screen (see sample screenshot below)
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