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CLAIMING DEED TRANSFER TAX

I paid $10,000 for a deed transfer on a house that I co owned and now I am sole owner can I claim this on my 2024 PA 40 or IRS 1040S INCOME TAX?

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1 Reply
MayaD
Employee Tax Expert

CLAIMING DEED TRANSFER TAX

Transfer taxes are not tax-deductible against your income tax, but can increase the tax basis of your property, reducing future capital gains taxes.

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