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lena1567
Level 3

Hi i sold my investment property in 2020. I do not see any questions abouf my closing costsin Turbotax. Where should i enter this amounts?

 
3 Replies
DianeW777
Expert Alumni

Hi i sold my investment property in 2020. I do not see any questions abouf my closing costsin Turbotax. Where should i enter this amounts?

Closing costs are considered  expense of sale and this reduces the gain or increases a loss on the sale. TurboTax will ask you about the expense of sale.  Examples are commissions, transfer tax, recording fees, etc.

lena1567
Level 3

Hi i sold my investment property in 2020. I do not see any questions abouf my closing costsin Turbotax. Where should i enter this amounts?

I did not see expense of sale when I was in that section. Could you please guide me where to find it?

DianeW777
Expert Alumni

Hi i sold my investment property in 2020. I do not see any questions abouf my closing costsin Turbotax. Where should i enter this amounts?

If you don't see that question, you can add the expense of sale to your cost basis.  This will create the same result for gain or loss.

 

Keep in mind that a loss is allowed only if you did not use the investment property for personal purposes (it's not clear if this is a home you live in).

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