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New Member
posted Feb 20, 2020 6:11:57 AM

In 2019, I made a payment to a friend to officially assume the primary property that we bought together a few years ago. Is that payment deductible? House was also sold

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1 Replies
Expert Alumni
Feb 20, 2020 12:10:34 PM

No, that payment is not deductible. Your basis or cost to you was increased by the amount of the payment given.

 

For additional information, see Is the money I made from a home sale taxable?