I am receiving conflicting information on whether broker/realtor commission can be used to reduce any gain in the sale of an inherited home. Can anyone clarify?
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I am receiving conflicting information on whether broker/realtor commission can be used to reduce any gain in the sale of an inherited home. Can anyone clarify?
You report your net proceeds from the sale, which means the sales price minus your costs incurred to make the sale. Typical costs may include real estate broker fees and title transfer fees. And although you didn't ask, you should know that your cost basis is most likely the fair market value of the home as of the date of death of the decedant.
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