Capital Gains Tax, What may I deduct?

Real Estate

When you are considering the cost to sell your home and move to a new home, either completing a proposition 60 or 90 property tax base transfer as discussed in my last blog post, you will want to consult with your tax accountant to determine your capital gains tax.   It is good to keep a separate folder with receipts and an itemized list of all the improvements that are tax deductible from your capital gains tax from the get go; early consistant organization and record keeping will save you time and provide you with financial information to make the best choices. Is the broker commission deductible from Capital Gains tax? The answer is yes, according to Nolo press. Although it may be that the broker commissions are deducted from sale price. Bear in mind tax laws do change and it is best to consult your tax accountant and visit the irs.gov website for more information. Please visit links below for more information.

Click here for link to Nolo Press on Capital Gains

Link to irs.gov, Sale of Your Home

Link to irs.gov Publication 523, 2016, Selling your home