Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
trey71us
New Member

Can I deduct realtor commission for farm land sold in 2019 to prevent paying capital gains taxes on $280,000?

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Can I deduct realtor commission for farm land sold in 2019 to prevent paying capital gains taxes on $280,000?

Yes, whenever you have an asset sale you can deduct the closing costs and other fees/commissions paid that were incurred to sell the asset.

It will reduce the profit made on the sale.

View solution in original post

1 Reply
MichaelL1
Level 15

Can I deduct realtor commission for farm land sold in 2019 to prevent paying capital gains taxes on $280,000?

Yes, whenever you have an asset sale you can deduct the closing costs and other fees/commissions paid that were incurred to sell the asset.

It will reduce the profit made on the sale.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v