Irs sale of home worksheet
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121 home sale exclusion
5 Tax Deductions to Take When Selling a Home
You may be wondering if there are tax deductions when selling a home. And the answer is: You bet!
Sure, you may remember way back to 2017 and its new tax code—aka the Tax Cuts and Jobs Act—changed some rules for homeowners.
But rest assured that if you sold your home in 2023 (or are planning to in the future), your tax deductions when you file with the IRS can still amount to sizable savings.
Want a full rundown of all the deductions (as well as tax exemptions or other write-offs) at a home seller’s disposal?
Check out this list to make sure you don’t miss any of them.
Selling costs
These deductions are allowed as long as they are directly tied to the sale of the home, and you lived in the home for at least two of the five years preceding the sale.
Another caveat: The home must be a principal residence and not an investment property.
“You can deduct any costs associated with selling the home—including legal fees, escrow fees, advertising costs, and real estate agent commissions,” says Joshua Zimmelman, president of W
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