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Returning Member
posted Apr 19, 2021 3:03:33 PM

Installment Sale - Reporting Cost to Transfer Title year after final payment received

I had an installment sale. Final payment was received in 2019 and reported on 2019 tax return. I incurred legal costs associated with transferring title of the property in 2020. Where/how do I report those costs on my 2020 tax return?

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1 Replies
Expert Alumni
Apr 25, 2021 1:03:43 PM

Unfortunately, there is no place to claim these unreimbursed expenses due to the Tax Cuts and Jobs Act of 2017 that eliminated Miscellaneous Deductions subject to the 2% floor limitation for tax years 2018-2025. 

 

For more information, see: Which federal tax deductions have been suspended by tax reform?