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lifei-3
May 8, 2020
Question

Can I add taxes paid, mortgage payments and settlement costs to Total amount paid knowing I bought and sold a second home in 2019?

  • May 8, 2020
  • 1 reply
  • 0 views
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1 reply

A
Anonymous
May 8, 2020

taxes paid (either directly or thru charges and credits on closing statements) for the period of ownership are deductible on schedule A along with mortgage interest if mortgage debt did not exceed limits.  mortgage paymets are not included in figuring basis, gain or loss.  settlement cost on purchase add to basis.   settlement costs on sale are sales expenses.    a loss is not deductible. any gain would be short term capital gain

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