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Level 1
posted Jan 26, 2022 11:11:12 AM

Home Sale

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.

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1 Replies
Employee Tax Expert
Jan 26, 2022 11:26:56 AM

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.