Skip to main content
Level 2
February 2, 2020
Question

Local Taxes

  • February 2, 2020
  • 1 reply
  • 0 views

Closed on my Home in 2019 and have a line item on my closing statement  titled County Transfer Tax.   Is this a legit SALT item?   If  so where does it get included on the 1040? (i.e where in the scripted TT  questionnaire is this entered).   Otherwise lump it together with my property tax?

 

 

 

 

    1 reply

    DoninGA
    Level 15
    Level 15
    February 2, 2020

    If you pay these amounts as the buyer, include them in your cost basis of the property.  They are not deductible on a tax return.

    SanDieggoAuthor
    Level 2
    February 5, 2020

    Thanks for your response...  I'll save it for the backend when I sell this place........