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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4020
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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I am about the buy a condo. Can I pay some of the sellers realtor

Resolved Question:

I am about the buy a condo. Can I pay some of the sellers realtor commissions and deduct it from my tax
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Stephen G :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything that is not clear.

Stephen G :

Unfortunately, no. Real estate commissions paid by the seller may be deducted from the sales profit, but any real estate commissions paid by the buyer must be added to the cost of the property. That would increase your depreciation deductions if it is rental property or decrease your gain when you sell the property.

Stephen G :

Questions?

Customer:

It is a primary residence. So if I understand correctly, I can't deduct anything if I decide to share the realtor commissions with the seller?

Stephen G :

That is correct.

Customer:

ok. thanks

Stephen G :

OK

Stephen G :
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Thanks very much, Steve G.
Customer:

is there any cost or fees other than points that I could claim?

Stephen G :

Only your portion of the real estate taxes and if you are financing your mortgagee will send you a 1098 at the end of the year indicating how much your interest deduction is. If you are paying any financing points, those may be deducted also.

Customer:

ok. Thanks Steve!

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4020
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 3 other Tax Specialists are ready to help you

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