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Updated 26 days ago on .
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Is it possible to write-off repair expenses on a sold home?
Sold my home FSBO, the buyer wanted help paying for repair work needing to be done that came up on inspection report. This was not listed in our closing contract.
I don't mind splitting the cost of the repair by paying the contractor directly, but have tax concerns. Because this was not listed on the closing contract, it will look like I made more money from the sale than I actually did.
The sale closed on 4/29. I know I am in no way legally responsible to pay for the work to be done, but in the interest of being a decent human I agreed to pay some of the repair cost as long as there is a way to navigate the tax implications. Any tax experts know how or if it is possible to write off the repair cost? A lender told me I could have the contractor write me up a separate invoice for the amount I agreed to pay, and document well the address and reason for paying the repair costs, and then I could write it off. Hoping to gain some more information.
Thanks!