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.
an expence is an expence
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