28732 : Advice

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Pacita Dimac…, Real Estate Pro in Alameda, CA
Pacita Dimacali answered:
can i deduct money given to buyer for closing cost if i'm the seller? i believe this was considered a gift. (over $6000.00)
Are you thinking of itemizing this $6K on your income tax return as a gift? Doubtful.

Did the $6000 appear on your HUD statement as credits towards closing costs? Then those are part ... more
0 votes Share Flag Sun Apr 17, 2011 Home Selling in 28732
Voices Member,  in
Voices Member answered:
If Sellers pay closing costs, can they deduct them on their taxes if the buyer does not?
On your closing statement it should clearly show which party paid each expense. The buyer can not deduct items that the seller paid for. Certain items are deductible. Items that may be ... more
0 votes Share Flag Tue Jun 8, 2010 Home Selling in 28732
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