What is the name of your state? Illinois
Last year I sold the house in my father's estate for $900 more than the appraised value. In order to prepare the house for sale, I had to pay for a dumpster to clear the debris, cleaning the carpets, obtaining an appraisal and for various inspections. Upon closing I had to pay for a title policy and tax stamps. Are the expenses I listed above subtracted from the difference between the selling price and appraised value to determine the gain? If not, are some of them? I have read all sorts of publications, and am just not clear. Please advise. Thanks!!
Last year I sold the house in my father's estate for $900 more than the appraised value. In order to prepare the house for sale, I had to pay for a dumpster to clear the debris, cleaning the carpets, obtaining an appraisal and for various inspections. Upon closing I had to pay for a title policy and tax stamps. Are the expenses I listed above subtracted from the difference between the selling price and appraised value to determine the gain? If not, are some of them? I have read all sorts of publications, and am just not clear. Please advise. Thanks!!