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posted Jun 3, 2019 11:23:17 AM

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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1 Best answer
Expert Alumni
Jun 3, 2019 11:23:18 AM

Those would be considered closing costs. They are not considered tax deductible, but will increase your cost basis.  

1 Replies
Expert Alumni
Jun 3, 2019 11:23:18 AM

Those would be considered closing costs. They are not considered tax deductible, but will increase your cost basis.