topic I sold a my home in Cabo San Lucas, MX and paid the taxes. Are the taxes I paid deducible? in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-sold-a-my-home-in-cabo-san-lucas-mx-and-paid-the-taxes-are-the-taxes-i-paid-deducible/01/1646165#M156799 The closing costs for the sale of my home in Mexico was $107,922.00<BR />is any part of it deductible? I bought my new house in Nevada, Thu, 25 Jun 2020 15:38:25 GMT cabochap 2020-06-25T15:38:25Z I sold a my home in Cabo San Lucas, MX and paid the taxes. Are the taxes I paid deducible? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-sold-a-my-home-in-cabo-san-lucas-mx-and-paid-the-taxes-are-the-taxes-i-paid-deducible/01/1646165#M156799 The closing costs for the sale of my home in Mexico was $107,922.00<BR />is any part of it deductible? I bought my new house in Nevada, Thu, 25 Jun 2020 15:38:25 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-sold-a-my-home-in-cabo-san-lucas-mx-and-paid-the-taxes-are-the-taxes-i-paid-deducible/01/1646165#M156799 cabochap 2020-06-25T15:38:25Z Re: I sold a my home in Cabo San Lucas, MX and paid the taxes. Are the taxes I paid deducible? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-sold-a-my-home-in-cabo-san-lucas-mx-and-paid-the-taxes-are-the-taxes-i-paid-deducible/01/1647119#M156870 <P>What kind of taxes did you pay?</P> Fri, 26 Jun 2020 13:53:37 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-sold-a-my-home-in-cabo-san-lucas-mx-and-paid-the-taxes-are-the-taxes-i-paid-deducible/01/1647119#M156870 Opus 17 2020-06-26T13:53:37Z Re: I sold a my home in Cabo San Lucas, MX and paid the taxes. Are the taxes I paid deducible? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-sold-a-my-home-in-cabo-san-lucas-mx-and-paid-the-taxes-are-the-taxes-i-paid-deducible/01/1647148#M156871 <P>First the sale of a personal residence may be excluded from US tax if you qualify :&nbsp; &nbsp;<A href="https://journal.firsttuesday.us/excluding-profit-on-the-sale-of-a-foreign-home/26033/" target="_blank">https://journal.firsttuesday.us/excluding-profit-on-the-sale-of-a-foreign-home/26033/</A></P><P>&nbsp;</P><P>Then, the closing costs are added to the cost basis to figure if there was a taxable gain.&nbsp;&nbsp;</P><P>&nbsp;</P><P>Lastly, only if the gain is taxable will you be able to use any part of the Mexico income tax as a deduction or a credit.&nbsp;&nbsp;</P> Fri, 26 Jun 2020 14:29:51 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-sold-a-my-home-in-cabo-san-lucas-mx-and-paid-the-taxes-are-the-taxes-i-paid-deducible/01/1647148#M156871 Critter 2020-06-26T14:29:51Z