Question

Where do I find sales expenses on my settlement statement for a house I sold last year? Would this be 'settlement charges' to seller on line 1400?

Forum|Forum|3 years ago
April 2, 2023
2 replies
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TurboTax Deluxe Online

There is no single category or line item that makes up your sales expenses on a settlement statement. It depends on what expenses you incurred, and how they were reported. Additionally, you may have incurred sales expenses that were not reported on your settlement statement, such as marketing costs. As for the items on your settlement statement, you can generally deduct all of the expenses that were incurred to sell the house, close the sale. These include commissions, closing costs you paid on behalf of the buyer, document fees, etc. You do not include property taxes, HOA fees and assessments, and other assessments.

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Solar Eclipse

Sorry, but I think a statement in this thread may not be accurate: "You do not include .... HOA fees....."

There is one fee that is very common during closing involving HOA's. It goes by different names but a common name is Estoppel fee. This fee is for the HOA to provide a document that verifies any HOA-related issues with the property. It is usually required by lenders and/or title/insurance companies to close the sale. So I would contend this fee is indeed an includable seller expense.

I'd appreciate it if any tax experts on the forum would opine on this view.

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PaulaM

Yes, a required HOA estoppel fee would be included as a sales expense. Answered on other threads @Solar Eclipse

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Mike9241

do you realize closing statements are not standardized so maybe they are maybe they're not? why not tell us what the description is for each line no need for amounts. then we can better answer.