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Old 07-08-2007, 03:01 PM
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write offs on capital gains on second home

We sold our second home, I was wondering what we could write off of the taxes? We did not rent it. We had it for four years, and made a pretty good gain.



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Old 07-09-2007, 06:44 PM
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Yes, you may definitely write-off property taxes paid on this property. However, this deduction is taken on Schedule A under property taxes paid.

Now, remember you can also deduct all expenses in connection to the sale of the 2nd home, these would include closing costs, commission expenses, transfer taxes, and fixing up expenses incurred prior to the sale of the home. Also, do not forget any repair expenses, painting and any major improvement expenses. These will collectively reduce your capital gains on the sale of the 2nd home. Hence, it will result in lower capital gains tax liability!

Please consult a tax professional to ensure that you have reasonably captured all these expenses

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Old 07-30-2007, 04:05 PM
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Some expensed and some added to basis?

thanks



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