Real Estate Transaction

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  • #71946
    DABU1989
    Participant

    Dear All,

    We need to travel overseas to sell our real estate. My question is, can we add travel (airfare) as an expense to the cost of purchase? This is for computing Long Term Capital Gains (LTCG) in the USA. I have reviewed IRS publication # 523 and there is no mention of travel expenses. Please let me know if travel expenses can be considered. Thanks for your help. Dabu1989.

    #72520
    Kaye Thomas
    Moderator

    It seems to me that if the travel is necessary to complete the sale, and that is the sole purpose of the travel, then you should be able to apply the costs of travel as you indicate. Yet I have to admit that even after spending some time researching the issue I was unable to find direct support for that position.

    #73548
    NB19
    Participant

    If the real estate was personal use, I would say that the travel expenses are not deductible. If it was a rental or investment real estate I would say that travel expenses are deductible.

    But there are rules surrounding deducting expenses for business international travel.

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