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Level 2
February 28, 2025
Solved

where do claim Realator fees

  • February 28, 2025
  • 3 replies
  • 53 views
where do Realator fees go
    Best answer by DoninGA

    Expert Reviewed

    The Realtor fees for buying or selling a home?  The fees for buying a home are not entered on a tax return.  The fees for selling a home are included in the Selling Expenses.

     

    Selling cost can include escrow fees, legal fees, real estate agent commissions, advertising costs, and even home staging fees.


    If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).


    Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)


    If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premium edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

     

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


    Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

    3 replies

    DoninGA
    Level 15
    DoninGALevel 15Answer
    Level 15
    February 28, 2025

    Expert Reviewed

    The Realtor fees for buying or selling a home?  The fees for buying a home are not entered on a tax return.  The fees for selling a home are included in the Selling Expenses.

     

    Selling cost can include escrow fees, legal fees, real estate agent commissions, advertising costs, and even home staging fees.


    If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).


    Gain or Loss = Sales Price minus Sales Expenses minus Adjusted Basis (Purchase Price plus the cost of improvements prior to the sale)


    If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premium edition to report the sale if you are using the online editions. Make sure that you indicate that you want the sale of the home reported on your tax return.

     

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


    Or enter sale of home in the Search box located in the upper right of the program screen. Click on Jump to sale of home

    wojodrAuthor
    Level 2
    March 3, 2025

    Very good reply but 8 hours n two weeks late.   Why did I get this information I needed two weeks ago

     

    not good. HATE Turbo tax.  Going someplace

    else next year 

    DoninGA
    Level 15
    Level 15
    March 3, 2025

    Uhhh... Your post was entered on Friday 02/28/2025 at 6:13pm

    I answered your post on Friday 02/28/2025 at 6:18pm

     

    That equals 5 minutes from first question to final answer.