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June 5, 2019
Solved

Are any of the costs of transferring title of an inherited house to the beneficiary deductible once the beneficiary sells the house?

  • June 5, 2019
  • 1 reply
  • 0 views

The house was treated as an investment and was not used for personal use nor as a rental.  It was both transferred to the beneficiary and sold in 2017.

Best answer by CathiM

Yes, expenses paid to obtain title to your property are added to the basis. These expenses include:

  • legal fees to obtain title to the home
  • title search fees
  • title insurance
  • title recording fees
  • transfer taxes, and
  • survey fees.

1 reply

CathiMAnswer
June 5, 2019

Yes, expenses paid to obtain title to your property are added to the basis. These expenses include:

  • legal fees to obtain title to the home
  • title search fees
  • title insurance
  • title recording fees
  • transfer taxes, and
  • survey fees.