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patismpa2003
February 13, 2025
Question

We purchased a new home in 2024, on the settlement statement, which loan charges can we use as sales expenses?

  • February 13, 2025
  • 1 reply
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Can we deduct loan charges on sale of new home?

    1 reply

    rjs
    rjs
    February 13, 2025

    It's not clear what you did. Your use of the words "purchase," "sale," and "sale of a new home" is confusing.


    Did you sell a home that you previously lived in?

    Did you purchase a new home?

    Did you do both of those?


    You do not report the purchase of a home on your tax return, and you do not have sales expenses when you purchase a home. You would not have loan charges on the sale of a home.


    Please clarify what you did.

     

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