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

Steveli1 · ‎March 1, 2021

MaryK4 · ‎March 1, 2021

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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MaryK4 · ‎March 1, 2021

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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**Mark the post that answers your question by clicking on "Mark as Best Answer"