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mrblonde_519
February 17, 2024
Question

Gave money back to the seller when we closed, was told I can deduct it not sure how

  • February 17, 2024
  • 1 reply
  • 0 views
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1 reply

R
RobertB4444
February 17, 2024

Why did you give the money back?  If it was for taxes then you could deduct that.  But if it was for some improvement to the home that you bought then the only way to deduct that will be when you sell the home.  You will be able to add the amount you gave back to the purchase price of the home and decrease the profit of the sale so that you have less taxable gain.  IF you have a taxable gain.  

 

@mrblonde_519 

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