I sold and bought a home this year and paid State and local recordation taxes on the new home. Can I deduct these on my itemized return?

dougbennett11 — Wed, 05 Jun 2019 23:39:29 GMT

The local recordation tax is not deductible. It can howe...

MichaelL1 — Wed, 05 Jun 2019 23:39:30 GMT

The local recordation tax is not deductible. It can however be added to the cost basis of the home (which may impact it when sold later or rented out).

"Transfer taxes (or stamp taxes). You cannot deduct transfer taxes and similar taxes and charges on the sale of a personal home. If you are the buyer and you pay them, include them in the cost basis of the property. If you are the seller and you pay them, they are expenses of the sale and reduce the amount realized on the sale."

Source: https://www.irs.gov/publications/p530/ar02.html

topic I sold and bought a home this year and paid State and local recordation taxes on the new home. Can I deduct these on my itemized return? in Deductions & credits

I sold and bought a home this year and paid State and local recordation taxes on the new home. Can I deduct these on my itemized return?

The local recordation tax is not deductible. It can howe...