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Income tax question

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milltwngrl1

Junior Member
Mine is a two part question that I am hoping someone can answer.

1) I sold my house in 2005 and when I did I paid 3% of the closing costs for the buyer. CAn I deduct that 3% off my income taxes?

2) can I deduct the commission paid to the realtor?

Thanks
 


LdiJ

Senior Member
milltwngrl1 said:
Mine is a two part question that I am hoping someone can answer.

1) I sold my house in 2005 and when I did I paid 3% of the closing costs for the buyer. CAn I deduct that 3% off my income taxes?

2) can I deduct the commission paid to the realtor?

Thanks
Those costs would be deducted from your proceeds in determining whether or not you owe any capital gains taxes on the sale of your home, however, otherwise, they are not deductible.
 

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