by Anonymous on January 7th, 2008

Anonymous

Question

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Recently sold house and made $55K profit. Had to pay $6K of buyer's closing costs. Are these costs deductible?

Answers. 2 helpful answers below.

  • by Psycho the kid on January 7th, 2008

    Psycho the kid

    Yea, just deduct them out of your bank account. It's a tough life huh!

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  • by Ash on January 7th, 2008

    Ash

    It depends what the house was sold for. If it was a business, or used as commerical property you can probably claim the tax back (GST) but you will have to pay up and then make a claim.

    Ask a lawyer, as they will know the ins and outs for claims and rebates and such

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