Question re capital gains on sale of primary residence

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Question re capital gains on sale of primary residence

Postby jon-nyc » Sat Feb 09, 2013 8:07 am

When computing the capital gain, are you allowed to subtract selling costs such as broker commission, state/city transfer tax, attorney fee, etc?
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Re: Question re capital gains on sale of primary residence

Postby pshonore » Sat Feb 09, 2013 8:22 am

Yes, those will increase your basis (and reduce profit/gain). Don't forget to take the similar fees you paid when you purchased the property. (assuming of course, you have the records and did not deduct them previously.)
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Re: Question re capital gains on sale of primary residence

Postby HouseStark » Sat Feb 09, 2013 11:53 am

The IRS Pub explains the important details:
http://www.irs.gov/uac/Publication-523, ... our-Home-1
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Re: Question re capital gains on sale of primary residence

Postby Toons » Sat Feb 09, 2013 12:04 pm

"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Re: Question re capital gains on sale of primary residence

Postby jon-nyc » Sat Feb 09, 2013 5:55 pm

Thanks, all.
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