The1099S showed gross proceeds. I paid $35625 in realtor fees, $900 in real estate taxes, $5625 in transfer tax and $80 misc. fees (notary, courier). Can all of this be expensed? Is any/all of this subject to the 2% rule for misc. deductions? Where do I enter my expenses on Turbo Tax Premier?
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You don't "expense" anything ... you sold a capital asset. So you will add together all of the costs and enter it as the total basis in the program.
Purchase price + cost to purchase + improvements + cost of sale = cost basis
Sales price - cost basis = short term cap gain or loss
You don't "expense" anything ... you sold a capital asset. So you will add together all of the costs and enter it as the total basis in the program.
Purchase price + cost to purchase + improvements + cost of sale = cost basis
Sales price - cost basis = short term cap gain or loss
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