2007-04-03 17:49:24 · 4 answers · asked by Matt M 1 in Business & Finance ➔ Taxes ➔ United States
Most of the costs you incurred are selling expenses that reduce the gain on sale of the house.These items increase your cost basis in the house and are reported a schedule D if you have to file one.There will be adjustments for real estate taxes paid or unpaid by the seller. This adjustment either increases the amount of real estate taxes you paid or reduces it depending on if you received money or had to pay. This adjusment affects yor schedule A deduction. There are sometimes adjustments for water escrow and homeowner's assn fees. These are personal expenses.
2007-04-03 22:45:26 · answer #1 · answered by waggy_33 6 · 1⤊ 0⤋
I do believe that points and closing costs, as well as mortgage interest and real estate taxes (including school taxes) can be deducted on the Schedule A (Form 1040) as Itemized deductions. You should have received a Form 1098 from the mortgage company with most (if not all) of this information on there. Just be sure that any of this that was paid in 2007 is deducted on the 2007 tax return.
2007-04-04 00:58:25 · answer #2 · answered by Peggy K 5 · 0⤊ 2⤋
You put a "sail" on your house?
2007-04-04 09:08:07 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋
You can only write-off the amount if you can justify why was payment necessary to close the sale.
2007-04-04 00:59:32 · answer #4 · answered by SGElite 7 · 0⤊ 2⤋