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

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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
http://www.fairmark.com/begin/gifts.htm

To be sure ---- ask your accountant for the gift rules for tax purposes.
0 votes Thank Flag Link Sun Apr 17, 2011
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