Eligible expenses to reduce capital gain on US vacation property

Question

2031 viewsApril 24, 2018Cross Border Tax

0

Karen (anonymous) Posted April 22, 2018

I have sold a vacation property in Florida. It was never rented. Where can I obtain a list of all expenses that are eligible to reduce the capital gain?
Thanks

1 Answer

score 0 · Answer 1 · 2018-04-24T15:07:11+00:00

Hi Karen, selling costs can be deducted to reduce the capital gain realized upon the sale. Selling costs include:

– commissions paid to a realtor
– legal fees paid to a lawyer
– repair expenses incurred to make the property ready for sale
– land transfer fees (sometimes called stamp taxes)

Eligible expenses to reduce capital gain on US vacation property

1 Answer

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