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Ducky7
New Member

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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HelenC12
Expert Alumni

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

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?

 

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