Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I am receiving unsolicited and I believe bad advice. I am not likely to tax advice from someone who has had their checking account attached by the IRS and had an IRS agent come to their home.

Fees for the real estate agent and fees/taxes that are on the closing statement are easy. They are clearly expenses related to the sale, and should be deductible.

Real estate taxes are paid through the end of the year, and were deducted on 2012 taxes. The due date is pasted. It wasn't an option to not pay the real estate taxes before selling. There will be some repayment of the real estate taxes, which I expect to be taxable.

I don't believe that miscellaneous repairs that are routine maintenance are deductible (replacing a failed outlet, damaged clips on a set of blinds, and other routine repairs.)

Other expenses:
1.) Carpet
2.) Paint
3.) Furnace
Needs repair, but replacement might be necessary
4.) Replacing a screen door
(It needs a small part, but I don't know if we can find it.)
5.) Professional cleaning before an open house
6.) Plants and front yard clean up
The front yard will need a quick make-over for listing: some new plants, removing a couple of uncooperative shrubs, and bark
Print the post Back To Top
No. of Recommendations: 0
I don't believe that miscellaneous repairs that are routine maintenance are deductible (replacing a failed outlet, damaged clips on a set of blinds, and other routine repairs.)
Those probably are something you can use to increase the cost basis of the property (and reduce capital gains on the sale if you have any)

http://taxes.about.com/b/2005/06/23/are-expenses-when-sellin...

Is this a personal residence you're selling?
Are you going to get the $250K cap gains exclusion anyhow?
If so, will you exceed that $250K? (500K if married?)

If all your gains are covered by the $250K exclusion already, then keeping track of these little expenses doesn't help any for taxes.
Print the post Back To Top
No. of Recommendations: 0

Is this a personal residence you're selling?
Are you going to get the $250K cap gains exclusion anyhow?
If so, will you exceed that $250K? (500K if married?)


We will get most of the $500K exclusion. There is a some unqualified time. The selling price may exceed the exclusion and cost basis.
Print the post Back To Top
Advertisement