Tax-Deductions and Closing Costs

The Alta Statement provides an itemized list of fees or charges paid by the buyer or seller during settlement of a real estate transaction. You will need your ALTA Settlement Statement to deduct any mortgage interest or any property tax amounts that are applicable in your state.

Consult with your accountant to determine if you paid for staging or realtor commissions can help you reduce the amount of the sale -- if any -- subject to capital gains tax.

Return to Home Page