What’s The Profit On My Home Sale?
The profit from the sale of your home is more han just subtracting what you paid from the price you got when you sold. You need to consider:
Have you rolled over any profits from a prior residence under the old tax rules? (See a tax pro for specifics.)
What was the purchase price?
In addition to the home price, what about closing costs to buy?
Did you already deduct some of the closing costs?
Have you made capital improvements to the property? Do you have receipts? If yes, capital improvements can be a deductible cost.
What was the sale price when you sold?
Did you have fix-up expenses associated with the sale? Did they occur within 90 days of closing? Do you have receipts?
What costs did you pay to close the deal?
These are the typical questions you can expect from a tax professional. For details, speak with a tax pro and bring copies of receipts, closing papers, and other documents with you.
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