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Question

Finding "Selling expenses" when selling a rental property

Forum|Forum|4 years ago
April 12, 2022
1 reply
0 views

How can I determine my "Selling expenses" on the sale of a residential rental property. I have already deducted all the expenses I had for the house as a rental for the year. I didn't have any other improvements to deduct.

Where should I be looking in my sales paperwork for my expenses. On my closing documents it shows

"Due from Seller (Me) at closing" and lists: Closing costs paid at closing, Existing Loan Assumed or taken subject to Payoff of First Mtg Loan, and Seller concessions. Are these all expenses I can take from the sale?

You are allowed to deduct from the sales price almost any type of selling expenses, provided that they don't physically affect the property. Such expenses may include:

advertising
appraisal fees
attorney fees
closing fees
document preparation fees
escrow fees
mortgage satisfaction fees
notary fees
points paid by the seller to obtain financing for the buyer
real estate broker's commission
recording fees (if paid by the seller)
costs of removing title clouds
settlement fees
title search fees, and
transfer or stamp taxes charged by city, county, or state governments.

Most of these costs will be listed in the closing statement prepared by the escrow, bank, or other financial institution

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