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Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1298
Experience:  Master of Science in Taxation. Tax experience since 1963.
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The cost of land does not include

Customer Question

The cost of land does not include?
A. real estate brokers' commission
B. annual property taxes
C. accrued property taxes assumed by the purchaser
D. title fees
Submitted: 9 years ago.
Category: Tax
Expert:  Wayne Brasch replied 9 years ago.
I would think the correct answer would be B. Annual property taxes. Those are currently deductible and need not be added to the cost of the property as would the other three items.