Sale Proceeds From L/O

We took a property with a L/O. We just settled on Friday. We L/O for 117 (but the pay off was 118,5), sold it for 170....we got a nice check for 43K, but when we saw our tax forms for captial gains, it said 53K (difference between 170-117). Does this mean we owe a capital gain on the realtor commision and shared closing costs, etc? I'm confused. Or can we write those types of things off.

Comments(2)

  • j_owley29th March, 2004

    an expence is an expence

  • tjeffer16th April, 2004

    Could you go over the dynamics of how you closed this deal? I am coming up on exercising my option on 2 deals and want to know the best way to do it. What are some of the things you had or did: double closing, performance mortgage, was the loan a refi?

    Thanks

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