Google Groups no longer supports new Usenet posts or subscriptions. Historical content remains viewable.
Dismiss
Deductibility of Taxes Paid on House Settlements
0 views
Skip to first unread message
Dimitrios Paskoudniakis
Aug 5, 2007, 9:49:54 AM8/5/07
to
In late 2005 I sold house A and purchased house B. In each transaction I
paid recordation and transfer taxes, but did not think to itemize these
taxes as deductions.
paid recordation and transfer taxes, but did not think to itemize these
taxes as deductions.
Am I entitled to deduct all of these taxes on both house transactions? If
so, are they itemized on line 8 of Schedule A (Other Taxes)? Can I still
file a 1040X and State tax supplement (Maryland)?
Dimitrios Paskoudniakis
Aug 5, 2007, 10:01:39 AM8/5/07
to
"Dimitrios Paskoudniakis" <gree...@yeahright.com> wrote in message
news:kIqdnWzSCuj...@comcast.com...
Never mind. The answer is NO. I found IRS Pub 930.
Paul Thomas
Aug 5, 2007, 7:04:44 PM8/5/07
to
"Dimitrios Paskoudniakis" <gree...@yeahright.com> wrote
> In late 2005 I sold house A and purchased house B. In each transaction I
> paid recordation and transfer taxes, but did not think to itemize these
> taxes as deductions.
They're not itemized deductions - so you haven't lost anything.
They would however, add to your cost basis, so if you had a taxable gian,
you may want to amend the return.
> Am I entitled to deduct all of these taxes on both house transactions?
Not on Schedule A - see above.
--
Paul A. Thomas, CPA
Athens, Georgia
0 new messages