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Rental Expenses

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  4. Are the Lawyer fees I paid at my residence property closing deductible?

Are the Lawyer fees I paid at my residence property closing deductible?

For a residence, the additional costs you incurred are not deductible in the current year. They will be added to your basis for use in the calculation of gain or loss upon disposition. Examples of additional costs are lawyer fees, commissions, survey costs, title insurance, and recording fees. Any mortgage interest and or real estate taxes are deductible in the current year.

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