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If I purchased a rental 5 years ago and sell it, how do I determine the basis for capital gains tax?
I agreed to cover the buyers closing costs, which were mortgaged into the sale. Can I reduce my basis by those closing costs as my "selling expenses"? The buyers closing costs were referred to as 'seller concessions' on the HUD sheet.
So far, I've totaled the original price, buying expenses (closing costs, etc), improvements, current years taxes up to settlement, and selling expenses. Just wondering if I can reduce it by the buyers closing costs that I covered, too?
Any help or suggestions would be greatly appreciated!
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