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New Member
posted May 31, 2019 10:19:01 PM

Bought a home, is the transfer tax at closing deductible?

Any closing costs ?

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1 Best answer
New Member
May 31, 2019 10:19:03 PM

No. Transfer tax at closing is not a deductible tax item when you buy a home. A transfer tax is essentially a transaction fee imposed on the transfer of title to property

The only closing costs that may be deductible as a buyer of a house (if you are itemizing your deductions) would be amounts you paid at closing for any county or city taxes (additional property taxes), loan origination fees or loan discounts and prorated mortgage interest (if not included on your Form 1098 from your mortgage lender).

1 Replies
New Member
May 31, 2019 10:19:03 PM

No. Transfer tax at closing is not a deductible tax item when you buy a home. A transfer tax is essentially a transaction fee imposed on the transfer of title to property

The only closing costs that may be deductible as a buyer of a house (if you are itemizing your deductions) would be amounts you paid at closing for any county or city taxes (additional property taxes), loan origination fees or loan discounts and prorated mortgage interest (if not included on your Form 1098 from your mortgage lender).