I purchased raw land as an investment. Can I claim any of the closing costs or expenses?

[DawnC]

Interest is deductible as Investment Interest but it is limited to Investment Income.  Real estate taxes can be deducted as an itemized deduction and may be limited.    You can also choose to capitalize the costs instead.

Other settlement fees and closing costs for buying the property become additions to your basis in the property. These include abstract fees, charges for installing utility services, legal fees, recording fees, surveys, transfer taxes, title insurance, and any amounts the seller owes that you agree to pay (back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions).

[Edited 02/08/21 10:00 AM]