Some yes, some no.You can claim as part of the cost Title Insurance Transfer Fees Recording Fees Legal Survey You cannot include Mileage- unless you are operating as a business, the mileage is not at all deductible. If you are operating as a business, buying and selling land, then you could take the mileage deduction as a business expense, but NOT part of the cost of the land Taxes- property taxes are deductible if you itemize and are taken in the year that they are paid subject to the SALT limitations of $10,000 for ALL state, and local taxes

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mellat372

Question

With the sale of vacant land, can I claim title insurance, legal survey, mileage, taxes, transfer fees and recording fees as part of my purchase price to determine basis?

Forum|Forum|1 year ago
January 21, 2025
1 reply
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No text available

Vanessa A

Some yes, some no.

You can claim as part of the cost

Title Insurance
Transfer Fees
Recording Fees
Legal Survey

You cannot include

Mileage- unless you are operating as a business, the mileage is not at all deductible. If you are operating as a business, buying and selling land, then you could take the mileage deduction as a business expense, but NOT part of the cost of the land
Taxes- property taxes are deductible if you itemize and are taken in the year that they are paid subject to the SALT limitations of $10,000 for ALL state, and local taxes

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