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Is the cost of dividing inherited land between siblings added to the cost basis of the property?
My brother and I jointly inherited land in 1995. In 2007 I spent $5000 for attorney, appraisal and survey fees to obtain a clear title by dividing the land. In 2017 I sold my land. Can the $5000 be added to my cost basis?
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June 6, 2019
6:48 AM
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Deductions & credits
Yes. That's part of your acquisition cost, even though you basicly inherited the proerty
June 6, 2019
6:48 AM