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Steveli1
New Member

I sold a second home in NYS and paid a large "transfer tax"

 
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MaryK1101
Expert Alumni

I sold a second home in NYS and paid a large "transfer tax"

You cannot deduct transfer taxes you paid during the year for your federal income tax return, but you can add to the Seller's expense to increase your basis.

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MaryK1101
Expert Alumni

I sold a second home in NYS and paid a large "transfer tax"

You cannot deduct transfer taxes you paid during the year for your federal income tax return, but you can add to the Seller's expense to increase your basis.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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