Talk to an accountant, but if you've never claimed your repairs and you have all of the receipts, yes you can deduct those. You should also claim any expenses with selling the house (lawyers fees). Don't forget if you sold it for $300k-make sure that is the amount AFTER the real estate fees (ie commission to the realtors).
Investor · Fayetteville, NC · Member since 2015 · 55 posts · 13 votes
4y
If you have been depreciating the property over the past 12 years you'll need to recapture those taxes as well. I always have a CPA handle my taxes. Each state has different tax laws. I see you are in Seattle, WA. Washington has an excise tax, ~1% depending on the sales price. A few hundred dollars each year to pay a professional to do my taxes protects me from any chance of getting myself in any trouble. In reality the CPA saves me money by ensuring I receive the highest tax deductions possible. All my properties are managed by a well established PM firm and I use the same CPA as the owner. I would suggest reaching out to other local investors and PMs to find a good CPA.