Welcome Guest. Register Now!  


For 2016 Tax Tips For Year 2016.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-17-2018, 01:47 PM
Junior Member
 
Join Date: Feb 2018
Posts: 1
Capital gains question

I have a question regarding capital gains from the sale of a home that was gifted 19 years ago. To my understanding if the "fair market value" at the time of gifting is 100,000 and I sell the home for 125,000 then the capital gain is 25,000. However, it is my understanding that I can deduct closing cost and realtor fees assuming that I paid these during the sale of the home. We received a 1099s at the time of the closing that shows the total sales price but the amount we received was minus the realtor, taxes, and closing cost, which is included in the closing document. My question is where do I enter these additional amounts? Do I subtract them from the gross sales and list this as the gross sale? Sorry for the long post.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Long Term Capital Gains question fdonna692 Capital Gains 3 12-20-2017 03:59 AM
Short Sale - Capital Gains Question OverTaxed1 Rental Real-Estate 1 05-07-2015 01:08 PM
Another short term capital gains question asdbnm For 2014 1 01-12-2015 05:04 PM
short term capital gains question asdbnm For 2014 1 12-01-2014 02:51 AM
Capital gains question Neens27 Itemized Deductions 1 11-18-2013 11:34 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.