Closed on my Home in 2019 and have a line item on my closing statement titled County Transfer Tax. Is this a legit SALT item? If so where does it get included on the 1040? (i.e where in the scripted TT questionnaire is this entered). Otherwise lump it together with my property tax?
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If you pay these amounts as the buyer, include them in your cost basis of the property. They are not deductible on a tax return.
Thanks for your response... I'll save it for the backend when I sell this place........
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