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trey71us
New Member

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

 
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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.

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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.

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