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HOW MUCH PROFIT? HOW MUCH PROFIT? When you sell your home for a profit. Uncle Sam will expect a capital gains tax on the profit unless you buy another home costing more. But you can make this profit tax basis as small as feasible by adding legitimate expenses to the original cost and deducting expenses from the sale price. You can add any buying costs, such as: title search, title insurance, lawyer's fee, appraisal fee, recording fees, property survey, credit report, bank lawyer’s fee, processing charges and any "points" you may have had to pay. If you made any capital improvements - finished attic or basement, new kitchen, added porch. patio or swimming pool you can add the cost of these to the original price. You can deduct your selling cost from the price you received: Realtor’s commission, lawyer's fees, advertising costs and fixup expenses if they were made within 90 days prior to the sale. Now you deduct the lower selling price from the higher original cost figures and you arrive at the taxable profit. If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY. REALTOR, The Clopton House, Washington, Va. 22747. Phone: 67^-3400. We’re here to help.
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