Jsurprenant1, Home Seller in Mechanicsburg, PA

is sellers assistance tax deductable for the seller?

Asked by Jsurprenant1, Mechanicsburg, PA Sat Apr 2, 2011

I sold my home. To help the buyer get into it, we agreed to "Seller's Assistance" to the tune of about $7000. In doing my taxes, I was trying to find out if Seller's Assistance is some sort of tax deduction for the seller?

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It depends on the situation. More information is at this link: http://homebuying.about.com/cs/downpaymentgift/a/homebuying.htm
0 votes Thank Flag Link Wed Aug 10, 2011
If you gave financial assistance to the buyer you have reduced the gain on the sale of the house. Check with your tax preparer for the correct advice and for additional information that is pertinent to figuring the gain and if you have a tax liability. If you usually prepare your own tax return, maybe you should get some expert advice this year.
0 votes Thank Flag Link Sun Apr 3, 2011
When it comes to any tax questions, do consult with your tax professional, he/she can best advise as it relates to your specific situation.
0 votes Thank Flag Link Sun Apr 3, 2011
Seller's assistance is not tax deductible.
0 votes Thank Flag Link Sat Apr 2, 2011
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