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wmquagmire
New Member

Can I deduct the legal fees and wire transfer fees associated with the sale of a second home?

 
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DS30
New Member

Can I deduct the legal fees and wire transfer fees associated with the sale of a second home?

No but you can include them as part of your cost basis.

The cost basis in your second home is generally the amount that you paid for the property (your acquisition cost plus capital improvements plus any closing expenses). These additional expenses include:

  • legal fees to obtain title to the home
  • wire transfers associated with the sale
  • title search fees
  • title insurance
  • title recording fees
  • transfer taxes, and
  • survey fees.

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1 Reply
DS30
New Member

Can I deduct the legal fees and wire transfer fees associated with the sale of a second home?

No but you can include them as part of your cost basis.

The cost basis in your second home is generally the amount that you paid for the property (your acquisition cost plus capital improvements plus any closing expenses). These additional expenses include:

  • legal fees to obtain title to the home
  • wire transfers associated with the sale
  • title search fees
  • title insurance
  • title recording fees
  • transfer taxes, and
  • survey fees.

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