Home Selling in 28732>Question Details

Umkaren, Home Seller in 28732

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)

Asked by Umkaren, 28732 Sun Apr 17, 2011

Help the community by answering this question:


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 of your selling expenses.

Here's a link to a good explanation on what qualifies as a gift for tax purposes, and who can apply

To be sure ---- ask your accountant for the gift rules for tax purposes.
0 votes Thank Flag Link Sun Apr 17, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer