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luriaec
New Member

Can I deduct the excises on the sale of my home as taxes like property taxes or do they need to reduce the basis which I don't need since the profit is below the 500,000

should have read excise taxes.  These are state and county
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DDollar
Level 7

Can I deduct the excises on the sale of my home as taxes like property taxes or do they need to reduce the basis which I don't need since the profit is below the 500,000

No, the excise taxes are not deductible for income tax purposes.  If you paid the tax at the time of sale, it would be an adjustment to the proceeds.

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1 Reply
DDollar
Level 7

Can I deduct the excises on the sale of my home as taxes like property taxes or do they need to reduce the basis which I don't need since the profit is below the 500,000

No, the excise taxes are not deductible for income tax purposes.  If you paid the tax at the time of sale, it would be an adjustment to the proceeds.

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