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keithpollak
New Member

I sold stocks and mutual funds for cash to make a down payment on a house. The sales drastically increased the amount I owe NYS. What can I do to reduce what I owe?

 
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MinhT
Expert Alumni

I sold stocks and mutual funds for cash to make a down payment on a house. The sales drastically increased the amount I owe NYS. What can I do to reduce what I owe?

If you sell stocks and mutual funds at a profit, you have taxable capital gains.

There is no way to reduce your tax liability either at the federal or state levels.

The down payment for your house is not tax deductible. Only any mortgage interest and property taxes you paid on the new house in 2018 are deductible as itemized deductions.

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2 Replies
MinhT
Expert Alumni

I sold stocks and mutual funds for cash to make a down payment on a house. The sales drastically increased the amount I owe NYS. What can I do to reduce what I owe?

If you sell stocks and mutual funds at a profit, you have taxable capital gains.

There is no way to reduce your tax liability either at the federal or state levels.

The down payment for your house is not tax deductible. Only any mortgage interest and property taxes you paid on the new house in 2018 are deductible as itemized deductions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
keithpollak
New Member

I sold stocks and mutual funds for cash to make a down payment on a house. The sales drastically increased the amount I owe NYS. What can I do to reduce what I owe?

Thanks for the quick and clear response.
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