Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
fnscar
New Member

Are the tax stamps paid by the seller of a home in Massachusetts deductable?

 
1 Best answer

Accepted Solutions
DonaldM
New Member

Are the tax stamps paid by the seller of a home in Massachusetts deductable?


The Stamp Tax that you paid on the sale of your home is the same thing that other states call a transfer tax. It's not deductible, but  should be included in the Sales Expenses of your home when reporting the Sales Proceeds.

Normally Excise Tax is paid by the seller of the property, and decreases his gain on the sale. In your case, it would serve to increase the cost basis of your home. It's not deducted on your return.


View solution in original post

1 Reply
DonaldM
New Member

Are the tax stamps paid by the seller of a home in Massachusetts deductable?


The Stamp Tax that you paid on the sale of your home is the same thing that other states call a transfer tax. It's not deductible, but  should be included in the Sales Expenses of your home when reporting the Sales Proceeds.

Normally Excise Tax is paid by the seller of the property, and decreases his gain on the sale. In your case, it would serve to increase the cost basis of your home. It's not deducted on your return.


View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v