Is home sales commission paid to real estate agent excluded from gain tax calculation?

Answer 1

Your own capital gain is based on the amount you actually received for the sale of the property, minus the associated expenses, such as ....the agent's commission. The commission is part of the agent's income for that year, hence something that the agent will pay taxes on. Bring the Closing Statement or similar document to your tax preparer next time around and it's an easy task for them to pick out the right numbers for you.

Answer 2

Yes it is, along with any other selling costs. But even better, the rules have changed and even if you don't reinvest in another house, you can still exclude up to $250,000 of the gain ($500,000 if married filing a joint return) if it was your main home for at least 2 of the 5 years prior to the sale, you owned the home for at least 2 years out of the 5 prior to the sale, and you didn't exclude the gain on another house for at least 2 years prior to the sale. So you might not have to pay taxes on any gain anyway.

Answer 3

I think that comes off of procedes

Answer 4

NOpe