Solved: Can I claim City/County tax that I paid at the closing of my home?
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Can I claim City/County tax that I paid at the closing of my home?

 
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Alumni

Can I claim City/County tax that I paid at the closing of my home?

The purchase of a new personal residence is not a reportable event.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes
Deductions And Credits
choose I'll choose what I work on, if asked
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

View solution in original post

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Alumni

Can I claim City/County tax that I paid at the closing of my home?

The purchase of a new personal residence is not a reportable event.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes
Deductions And Credits
choose I'll choose what I work on, if asked
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

View solution in original post

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