When I sold my house part of the deal was for
me to pay the closing costs. I made out very well
and figured what the hay - so I paid about $3200.00
or so.
Question is, can I write that off?
2006-10-22 05:53:44 · 5 answers · asked by charles h 2 in Business & Finance ➔ Taxes ➔ United States
You could net them out of your capital gains on the house, reducing your gain. But if you owned the house for 2 of the past 5 years, and lived in it for 2 of the past 5 years, you probably don't have to pay taxes on the first $250,000 of gain anyway ($500,000 if married filing joint)
2006-10-22 06:42:47 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
I think you can when you figure out your capital gains on the sale. The purcahse price minus the selling price plus expenses (closing costs are probably includeable, or major improvements, but not updating ones, like replacing windows versus adding a dormer or swimming pool)
2006-10-22 06:02:50 · answer #2 · answered by Outside the box 3 · 0⤊ 0⤋
Writing Off Closing Costs
2017-02-25 14:22:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can deduct them from the profit on your house. Unfortunately for you home profits are now mostly tax free.
2006-10-22 05:59:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can't write it off when you buy the house so I want to say no on that but check it with www.irs.gov
2006-10-22 05:56:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋