When do I Sell rental property are any of real estate closing fees tax deductible?

HomeWhen do I Sell rental property are any of real estate closing fees tax deductible?
When do I Sell rental property are any of real estate closing fees tax deductible?

The property (condo) was rented out for over two years before I decided to get out of that business and sell the property. The property was never put back into personal use once it was converted to a rental. June 4, 2019 1:15 PM When I sell a rental property are any of the real estate closing fees tax deductible?

Q. What are selling expenses on sale of property?

Selling expenses can include transfer taxes, stamp taxes, sales commissions paid to a real estate agent, any fees for a service that helped you sell your home without a broker, advertising fees, legal fees, and any mortgage points or other loan charges you paid that would normally have been the buyer’s responsibility.

Q. Can you deduct real estate commissions on rental property?

“You can deduct any costs associated with selling the home—including legal fees, escrow fees, advertising costs, and real estate agent commissions,” says Joshua Zimmelman, president of Westwood Tax and Consulting in Rockville Center, NY.

Q. What are the costs of selling a commercial property?

In an off-market sale to a cash buyer such expenses can be significantly reduced or completely eliminated. Setting the asking price for a commercial property can be a complex calculation. Typically, the seller hires a professional real estate appraiser to help with the process.

Q. When do I sell a rental property are any of real estate?

When one sells property, the seller pays the following half-year’s or year’s property taxes (because the current year’s taxes are actually billed the following year). On Schedule E while I owned the rental property, the year’s billed taxes are deducted as an expense.

Q. How much does a commercial real estate agent charge?

The average commission for a commercial real estate agent is between 4% and 8%. All of the agent fees can go to one agent/broker if they both list the property and find the buyer. But often there are two brokers involved: on the buyer’s side and on the seller’s side.

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