You'll need to sign in or create an account to connect with an expert.
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.
I did not see expense of sale when I was in that section. Could you please guide me where to find it?
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).
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
taxquestion222
Returning Member
Tax_Lego
Returning Member
zafira11
New Member
cinmay1120
Level 2
sdtaxnoob
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.