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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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bought condo for 59000 sold for 75000 what items can

Resolved Question:

bought condo for 59000 sold for 75000 what items can i deduct from capital gains
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

You can deduct selling expense such as commission and other fees paid

You can also increase the cost basis with the settlement charged you paid at the time of purchasing the Condo and any improvements made to the Condo after you purchased.

The difference between selling price minus selling expenses minus cost basis as discussed above will get you the correct capital gain.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

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