Are real estate agent fees taxable expenses?
823224
I assume that you mean that the company you work for is relocating you and paying these items. If so, any allowable moving expense they pay would not be income to you. These are generally direct moving expenses such as fees for a moving company, transporting the family etc.\nThose items that are no direct moving expenses such as the Realtor commission on the sale would be taxable to you. This isn't as good as not having it taxable but you still end up with about 60% to 70% of these fees in your pocket. You wouldn't have anything if you had to pay it yourself.
531386
Your real estate agent should be able to provide that info for you. Property taxes are usually a fixed percentage of the purchase price of the property you buy. For example, in my area, it's 1 (one) percent. So if I bought a 100 dollar house, my taxes would be 1 dollar a year.\n\nyou can look up your tax rates here:\nhttps://www.taxpayerservicecenter.com/RP_Search.jsp?search_type=Assessment\n\nkeep in mind your tax bill will reflect the purchase price and is not the amount you see at the website. \n\nRegards...
182078
Here's the beginning of the answer:  "The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home."\n\nThat comes from IRS Publication 530; you can look over the whole document at the link below.  It has more complete explanations.
1120802
If you sell your home in less than two years from date of purchase, you pay a 15% short term capitol gain.\n\nFrom your gross profit, you can deduct all costs related to the sale.\n\nI am with Realty Executives in Phoenix. If you want to contact me I will show you how yo maximize your profits and reduce your tax bill.
404340
It depends...if the agent is working for the seller and thinks price may be affected, agent may not be required to, but is urged to. Oh, read the second article! They cite specific court cases in Ohio.
583445
I am a CPA working with realtors.\nYou can deduct auto expenses (per mile or actual expenses, but not both), fees paid to broker, advertising, office supplies, meals with clients (at 50%), telephone, internet, depreciation of office equipment and furniture, professional licensing fees, continuing education fees, insurance (not health), contract labor and / or salaries paid to employees, interest on business credit cards or loans, legal / accounting fees, office expenses, rent or lease payments for office or equipment, repairs and maintenence of business assets, supplies, taxes paid (personal property or other business taxes), travel, utilites paid, postage.\nThe list could be endless.  If you are really unsure of how to proceed, contact a professional who could make it a lot less painful.  The state you reside in is also a factor.
539420
Any profit you earn from renting or selling the property will be taxable to you.  If you rent the property, you can deduct depreciation as well as operating expenses from the rental income.  If you resell, your profit will be equal to the selling price minus your cost for the property, including any costs incurred to fix it up; any depreciation allowed will reduce your cost.  \n\nIn addition, you may owe real estate taxes to the state or local government.\n\nConsult a tax preparer or accountant for details.
73325
Yes, it's okay.  You just need a paper trail.  The rental business needs to make sure they use their tax id when purchasing.  This eliminates the sales tax for the purpose of resale.  That resale can either be retail or rental.
85232
No.  It is a personal use vacation home.  The good of selling your home is the gain on primary residences are not taxed...the bad is losses are not deductible.
592961
Also depends on what they are Selling.  Since most realtors are compensated on a commision basis if you sell more expensive property you will recieve a higher commision.  For more information on reality check out the association website:
719362
Not necessarily - there is an exclusion of $250,000 for single and $500,000 married filing jointly, assuming that you meet certain tests regarding use and occupancy. See the publication linked below.
424608
Here's the beginning of the answer: "The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home."\n\nThat comes from IRS Publication 530; you can look over the whole document at the link below. It has more complete explanations.
355256
At this point, no.\n\nI think your understanding of how it is handled is incorrect.   Assuming you use the house as your personal residence for two of the last five years, you can deduct up to $250k of capital gain if you file anything except MFJ.  If you file MFJ, then you can deduct up to $500k.\n\nIf your basis is $500k, file single, and sell the house for $750k, the gain isn't taxable.  Any amount over $750k would be taxed as long terms capital gains.
181771
No, you don't need a tax accountant.\nYou need Turbotax for $20.\n\nhttp://www.turbotax.com/\n\nIt will determine if you pay capital gains by asking you a bunch of questions about the property.\nThen it will print out all your tax forms all neatly done for you and you can even send them in on the internet with it. I always do that.
790336
Really complex area - some boffins spend all their lives looking into this.\n\nThe abbreviated answer is:\n* Yes, definitely if the property is less than three years old\n* Maybe if the property is more than three years old\n\nTechnically if a property is more than three years old it is exempt from VAT but the seller can waive this exemption (known as 'opting to tax') if they wish.  This will mean 17.5% VAT is charged on the sale (which the seller doesn't get to keep).  The reason the seller might do this is becuase if they sell a building and charge VAT they're allowed to reclaim VAT on any related costs (such as legal fees).\n\nOnce a building is 'opted' you can't change that status even if it changes hands. Therefore the next time its sold on VAT would have to be charged on the sale.\n\nThese rules only apply to commercial property - not residential.\n\nTrust me - get an accountant/tax adviser to assist - really complex area.
609549
I am not sure if you mean Brokers or Agents as well?? I am an agent and I am incorporated as are many in my office.  I did it for tax reasons. Many actually form LLCs thought I don't agree that it is a better option. :)
27709
We recently purchased a new house and wanted to sell, and reinvest the money into a new one... we called the IRS directly to find out if we'd be charged a capital gains tax, and the answer was yes.  If you sell your primary residence within 2 years, you will be charged a capital gains tax.  However, there could be good news...\n\nLast year if you made 49,5k or less you were only charged a 5% capital gains tax.  If you made more than that, you would be charged 15%.  To help maybe smooth the hit over on your $35k taxes...\n\nYou subtract legal, agent, long-term house upgrades from that number and only claim that as profit from the sale.  So if you made 35k from the sale, but your agent's fees were 10k, legal were 5k and house improvements to the old house were 1k, you would only claim 19k.  \n\nPlease, please please double check this with the IRS and/or your accountant.\n\nOh - and if you moved because you either lost your job, or relocated to a different state (and there are some other things), you could be exempt altogether from the tax.\n\nGood luck!!