Thursday, February 21, 2013

SELLERS Do your know this TAX information?

PALM CITYS HORSE TALK
Feb 21, 2013
Sunflower Homes and Equestrian, LLC

TAX INFORMATION


Selling costs
If you sold a home in the past year, you may be able to reduce your income tax by the amount of your selling costs. These costs can include things such as repairs, title insurance, advertising expenses and broker’s fees. The IRS only allows the deduction of repair costs associated with selling if the repairs were made within 90 days of the sale. It’s also crucial that the repairs were made with the intent of improving your home’s marketability. Selling costs are deducted from your gain on the sale.


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