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Deductions & credits
Just to clarify for any future readers:
They are deductible because YOU were the one that were originally owed the taxes.
But a common scenario involves somebody buying a property that somebody else did not pay their taxes. In that scenario, they would NOT be deductible because YOU weren't assessed those taxes. Instead, paying off those taxes would essentially increase your purchase price (Basis).
‎June 30, 2020
3:16 PM
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