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Bought a home at auction. Is the auctioneers buyers fee tax…

Customer Question
Bought a home at...

Bought a home at auction. Is the auctioneers buyers fee tax deductible?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Is the 10% buyers fee deductible on the Michigan and the Federal tax forms? This home was purchased in 2017

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not sure

Submitted: 5 months ago.Category: Tax
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Answered in 6 minutes by:
11/12/2017
Tax Professional: Barbara, Enrolled Agent replied 5 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,797
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Unfortunately, the auctioneer's fee is not tax deductible.

It gets added to the basis (what you paid) for the property, which will come into play when and if you sell the property in the future.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 5 months ago
Ok
Tax Professional: Barbara, Enrolled Agent replied 5 months ago

I wish I had better news for you.

Please take a moment to rate my answer since that is the only way I receive credit for answering you.

Thank you.

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,797
5,797 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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