Martha's Vineyard Land Bank Commission
 
 
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Frequently Asked Questions (FAQs)
Why is there a lien on my property?
I paid a Land Bank fee, can I take a deduction on my tax return?
What happens to the lien if I want to refinance?
 
I paid a Land Bank fee, can I take a deduction on my tax return?

Land bank fees are not deductible in the year in which they are paid. The land bank commission has instead been instructed by its auditing firm and its legal counsel to advise the public that fees paid to the land bank are added to the basis of the property and can be used to reduce the amount of capital gain if/when the property is later sold.