Question re capital gains on sale of primary residence

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jon-nyc
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Location: New York

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?

pshonore
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Joined: Sun Jun 28, 2009 2:21 pm

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.)

HouseStark
Posts: 324
Joined: Mon Oct 15, 2012 2:31 pm
Location: Minneapolis, MN

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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Toons
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Joined: Fri Nov 21, 2008 10:20 am
Location: Hills of Tennessee

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

jon-nyc
Posts: 917
Joined: Sun Nov 15, 2009 9:02 am
Location: New York

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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