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December 26, 2024
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Where do I enter Wetland Survey cost as part of my land sale closing costs?

  • December 26, 2024
  • 1 reply
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Wetland biologist survey done to inform land sale in 2024
    Best answer by Mike9241

    probably adds to the cost basis of the land, but if done as part of land sale, the same gain results if you deduct it as a selling expense. 

    1 reply

    Mike9241Answer
    December 26, 2024

    probably adds to the cost basis of the land, but if done as part of land sale, the same gain results if you deduct it as a selling expense. 

    RDS229Author
    December 27, 2024

    Thanks.  Gonna go with a closing cost (selling cost).  Seems to be a bucket for commissions/escrow fee/title insurance/excise tax, etc.  I'll put Wetland Survey fee in the bucket too.  Odd that they don't want closing costs more spelled out/itemized.

     

    fanfare
    Employee
    December 27, 2024

    retain itemized receipts of closing expenses in case of audit by the IRS.

     

    @RDS229