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Can I deduct sales tax that I paid to my contractor from my home that I flipped to personal deductions section?
I flipped a home last year and paid about $9,000 in sales tax.
1) Can I put the sales tax amount under personal deductions
or
2) Will this be put under the entire amount of what I paid my contractor which was $105,000 under Schedule C? and not under personal deductions?
Thank you
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Can I deduct sales tax that I paid to my contractor from my home that I flipped to personal deductions section?
If you flipped the house for profit, the sales tax will be part of your business expenses and not personal sales tax.
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Can I deduct sales tax that I paid to my contractor from my home that I flipped to personal deductions section?
If you flipped the house for profit, the sales tax will be part of your business expenses and not personal sales tax.
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