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Are transfer fees deductible for purchase of home?

Posted 29 July 2015 under Tax Questions



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Bubu says:
1 July 2015 at 17:15

Can I deduct fees paid to transfer attorneys and bond attorneys for the purchase of my home? The property is not an investment property, it is my primary residence - I live there.

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TaxTimTaxTim says:
1 July 2015 at 17:25

No, this fee would be included in the base cost should you ever sell the property. By adding to the base cost you will reduce the capital gain, and thus the capital gains tax you pay will be reduced too. So you can't get a deduction now really, only in the tax year that you sell.


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