Some yes, some no.
You can claim as part of the cost
- Title Insurance
- Transfer Fees
- Recording Fees
- Legal Survey
You cannot include
- Mileage- unless you are operating as a business, the mileage is not at all deductible. If you are operating as a business, buying and selling land, then you could take the mileage deduction as a business expense, but NOT part of the cost of the land
- Taxes- property taxes are deductible if you itemize and are taken in the year that they are paid subject to the SALT limitations of $10,000 for ALL state, and local taxes
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