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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
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I own land outright that I want to develop with 2 or 3

Customer Question

I own land outright that I want to develop with 2 or 3 single family homes. I formed a Sole proprietorship development company and wonder if I could sell the land to my company and deduct the purchase price as an expense for this tax year.
Submitted: 11 months ago.
Category: Tax
Expert:  Mark Taylor replied 11 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. You would not be able to sell the land to the company. You could contribute the land.

Customer: replied 11 months ago.
Any benefit to doing that?
Customer: replied 11 months ago.
Could I deduct the costs of retitling the land as a business loss?
Expert:  Mark Taylor replied 11 months ago.

Yes, the cost of retitling the land would be a business expense.