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#4
06-02-2006, 04:20 AM
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 Re: Deduction? Apprisal fee to purchase rental property. Jabs wrote: - quote - > In November 2005 I purchased a rental home as an invest. I
The appraisal fee is added with all other loan costs and> had to get a mortgage to purchase it and therefore I had to > pay a "appraisal fee" of $650. Can I deduct this appraisal > fee? If so, where? What form?.....on the Schedule E maybe? will be amortized over the life of the loan. Some will say add to the basis of the property, but I argue that here is a cost pertaining the the loan and not the property. ChEAR$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
04-03-2006, 03:53 AM
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| Re: Deduction? Apprisal fee to purchase rental property. Aren't taxes fun! Three "professionals" and 3 different answers! One - not deductible. One - amortized over the life of the loan. One - added to the basis and depreciated over the live of the rental. Years ago the Wall Street Journal sent couples to several different IRS offices for help, all with the same figures. Every office had a different result. Nan, EA in LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
04-02-2006, 02:47 PM
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| Re: Deduction? Apprisal fee to purchase rental property. "Herb Smith" <smithff33[at]aol.com> wrote: - quote - > No, appraisals for the purpose of getting a mortgage are not
This is a rental, and the appraisal fee is deductible,> deductible nor added to the cost basis of the property. amortized over the life of the loan. See Pub 551. -- Phil Marti Clarksburg, MD << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
04-02-2006, 02:25 AM
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| Re: Deduction? Apprisal fee to purchase rental property. Jabs wrote: - quote - > In November 2005 I purchased a rental home as an invest. I
No, appraisals for the purpose of getting a mortgage are not> had to get a mortgage to purchase it and therefore I had to > pay a "appraisal fee" of $650. Can I deduct this appraisal > fee? If so, where? What form?.....on the Schedule E maybe? deductible nor added to the cost basis of the property. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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04-02-2006, 01:47 AM
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| Re: Deduction? Apprisal fee to purchase rental property. Most of us add up all purchase costs and add them to the depreciable base (the improvements). Nan EA in LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-31-2006, 11:31 AM
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| Deduction? Apprisal fee to purchase rental property. In November 2005 I purchased a rental home as an invest. I had to get a mortgage to purchase it and therefore I had to pay a "appraisal fee" of $650. Can I deduct this appraisal fee? If so, where? What form?.....on the Schedule E maybe? Thanks for any help. Jabs << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| apprisal, deduction, fee, property, purchase, rental |
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