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

[DonaldM · Accepted solution]

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.