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Can the expense for an appraisal be deducted from capital gains on the sale of land?
I got an appraisal for a lot prior to selling it. Can I deduct the cost of the appraisal from the capital gains made on the lot? Would this deduction in turbo-tax be captured in the section labeled "Enter Land Sale Information" where it says "Sale Expenses Not Reported on form 1099-B?
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Can the expense for an appraisal be deducted from capital gains on the sale of land?
Those would be considered closing costs. They are not considered tax deductible, but will increase your cost basis.
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Can the expense for an appraisal be deducted from capital gains on the sale of land?
Those would be considered closing costs. They are not considered tax deductible, but will increase your cost basis.