Norma Desmond wrote:
- quote -

The BUYER can add them to the cost basis of the property.

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Norma Desmond wrote:

- quote -

Add to basis of the property.

ChEAr$,
Harlan Lunsford, EA n LA

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"Herb Smith" <smithff33[at]aol.com> wrote:
- quote -

ok, I'm busted! But, how does one account for such expenses
if he is the buyer?

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D. Stussy wrote:
- quote -

I agree with your comments, but the IRS does not have to
allow such a deduction, merely because you elected to incur
the expense. Under certain circumstances, the expense of
travel MIGHT be considered an expense of sale on your
Schedule D, not a deduction on Schedule A.

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Herb Smith wrote:
- quote -

Just because he doesn't HAVE TO be present doesn't mean that
he CAN'T be present. I have a problem with your comment in
that it strongly implies that the IRS can tell someone how
to run their business and investment affairs - and I don't
think that's the case at all. There is also nothing that
states that a taxpayer must choose the cheapest method,
etc....

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Norma Desmond wrote:
- quote -

The OP said that this was a "sale" of a residential lot held
for investment. I agree with Herb Smith that a trip to
close on this property is it not necessary and would not be
deductible.

--
Alan
http://taxtopics.net

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Norma Desmond <ND[at]ND.com> wrote:
- quote -

He's _selling_ the property. At this point, all he should
care about is getting money.

Seth

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Norma Desmond wrote:
- quote -

The OP said for the "sale" of the property, not the buying
thereof, therefore no need to travel when one can deputize.

"Norma Desmond".. heard the name before.... movie star of
yon olden times?

ChEAr$,
Harlan Lunsford, EA n LA

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << It may not be relied upon for the purpose of avoiding > << penalties that may be imposed on the taxpayer or the > << tax preparer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Norma Desmond" <ND[at]ND.com> wrote:
- quote -

I think you need to re-read the original post. Going to a
closing implies they have already signed a contract so they
have to close unless some condition has not been met. I
think the time to see this property is before they sign a
contract and commit to close.

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Norma Desmond wrote:
- quote -

No, I am not. If you read the OP you will see that he is the
SELLER of the property, not the BUYER. As seller, I assume
he already knows what it looks like.

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"Herb Smith" <smithff33[at]aol.com> wrote:

- quote -

so you are saying he must buy such property sight unseen?

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nearly_blind[at]yahoo.com wrote:

- quote -

The seller of real estate rarely is required to be present
at the actual "closing", as they are represented by the
title company or other closing agent. All signatures, etc
can be obtained beforehand and faxed or sent FedEx ahead of
the closing date. Therefore, I think any such travel
expenses would NOT be deductible in any way.

Phone calls, fax charges, FedEx, etc would all be considered
costs of sale, and used to adjust the selling price for
capital gains calculation.

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I need to travel out of state (1500 miles) to the closing
for the sale of some investment property (vacant residential
lot). Are the travel expenses for this tax deductable in any
way, either against my regular income or on the capital
gains tax on the lot sale?

What about other expenses relating to the sale,
e.g. Fedex costs for sending contracts, etc?
Thanks.

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