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Real estate commissions

Are real estate commissions paid...
Are real estate commissions paid tax deductible?
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Answered in 4 minutes by:
1/31/2005
Barbara Lamar
Barbara Lamar, Tax Lawyer, CPA
Category: Tax
Satisfied Customers: 188
Experience: JD, MBA University of Texas at Austin, over 18 years representing small businesses
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If they're paid in connection with the sale of your home or other personal-use property they are not deductible, although they do reduce the amount of any gain you might have.

If they're paid in connection with a business or investment, they may or may not be deductible. If the real estate being sold is a capital asset, the commission will reduce any gain your might have or increase any loss. If you were, say, in the business of selling real estate, the commissions could be deductible as a "cost of goods sold."
Barbara Lamar
Barbara Lamar, Tax Lawyer, CPA
Category: Tax
Satisfied Customers: 188
Experience: JD, MBA University of Texas at Austin, over 18 years representing small businesses
Verified
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