Broker's Fee Tax-Deductible for Renter??
Started by sarahegan
over 16 years ago
Posts: 4
Member since: Oct 2008
Discussion about
Does anybody know anything about a broker's fee (in a rental context) being tax-deductible (for the tenant, not the landlord)? A broker is telling me that any fee we (are trying desperately not to, but probably will) pay is tax-deductible, but I've never heard this and can't figure out why it would be…
I do not beleive it is tax deductible. Renters don't have tax deductions the last time I checked.
You might be able to pull it off once as part of job-related moving expenses, but only if you're coming in from outside of the city, I think.
Per IRS:
"You will meet the distance test if your new workplace is at least 50 miles further from your former home than your previous workplace was from that home. For example, if your old job was 5 miles from your former home, your new job must be at least 55 miles from that home."
http://www.irs.gov/newsroom/article/0,,id=173193,00.html
With a little creative accounting you might get away with it.
But why pay a fee? Try nybits.com. There is absolutely no reason to pay a broker's fee in this market.