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Get your taxes done using TurboTax
No. This is not a selling expense. This is an itemized deduction.
You can deduct the property tax paid with closing, but be aware that this will only affect you if you itemize your deductions.
You will enter this where you entered your property tax for your first home; Federal>Deductions & Credits). Also, be aware that The Tax Cuts and Jobs Act implemented a $10,000 limit on State and Local Income Tax for a married couple.
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March 31, 2023
5:15 AM