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Author: CPTUSARET Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121316  
Subject: Selling my house Date: 5/1/2000 2:50 PM
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Good afternoon Fools.

I am confused. We are negotiating the sale of our house and (pardon the French) are "going to take it in the shorts". Are any of the costs that we are going to incur, i.e. realtor's fees, $1,000 of the buyer's closing costs, etc. tax deductible?

Thanx a bunch and Fool On!
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35260 of 121316
Subject: Re: Selling my house Date: 5/1/2000 8:10 PM
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<<Good afternoon Fools.>>

Howdy...

<<I am confused.>>

I am Roy. Nice meeting you.

<< We are negotiating the sale of our house and (pardon the French) are "going to take it in the shorts". Are any of the costs that we are going to incur, i.e. realtor's fees, $1,000 of the buyer's closing costs, etc. tax deductible?>>

"Taking it in the shorts" is not a technical tax term, so I'm not quite sure what you are asking.

Remember that if you are single, your first $250k of gain on the sale of a qualified personal residence will be excluded. Up to $500k if your married. You can read more about this in the taxes FAQ area in my series of articles on he exclusion of gain on the sale of a personal residence.

If you mean that you are selling your home at a loss, that loss will be a non-deductible personal loss. And, none of the expenses of sale (such as the closing costs, realtor commissions, etc.) would be allowable deductions. They are just other non-deductible expenses.

I'm not sure that this really answers your question. If not, please try again.

TMF Taxes
Roy


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