Home Sale

[Libraclassof05]

I wanted to get a head start on my taxes. Sold a home but have not yet received the schedule reported those numbers on tax document form. I do have the closing documents but trying to figure out which items are included in the sale of home and the which are included for expenses of selling the home.

[DaveF1006]

Yes, according to IRS publication 523, you can deduct the following settlement costs from the proceeds listed on your closing statement. 

• Abstract fees (abstract of title fees), 
• Charges for installing utility services, 
• Legal fees (including fees for the title search and preparing the sales contract and deed), 
• Recording fees, 
• Survey fees, 
• Transfer or stamp taxes, and
• Owner's title insurance.

Review the publication link I included above to review the costs that cannot be deducted. To report:

1. Click on Federal Taxes (Personal using if Home and Business)
2. Click on Wages and Income (Personal Income if using Home and Business)
3. Click on I'll choose what I work on (if shown)
4. Scroll down to Less Common Income.
5. On Sale of Home (gain or loss), click the start or update button.