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Here are some deductions home sellers can take when selling their home.
 

• Selling costs - legal fees, escrow fees, advertising costs and real estate agent commissions
• Home improvements and repairs - painting or repairing the roof or water heater.
• Property taxes – sellers can deduct the amount paid in property taxes this year up to $10,000.
• Mortgage interest – sellers can deduct the interest on their mortgage for the portion of the year they owned the home.

Capital gains tax – profits capital gains are your profits from selling your home—whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. Up to $250,000 of the capital gains from the sale can be excluded if you’re single, and $500,000 if married if you have lived in your home at least two of the past five years.