on my rental property i purchased it lists "transfer or stamp taxes" what are these?
My Grant Deed shows, "Documentary Transfer Tax" and "City Transfer Tax." Are either of these tax deductible?
A transfer/stamp tax is essentially a transaction fee imposed on the transfer of title to property.
Transfer taxes are not considered deductible real estate taxes.
Unless the taxpayor is a Real Estate Dealer, then all real estate purchase and sale related expenses are tax deductible during the course of business.
I have City/County Tax Stamps to County and State transfer tax to Clerk of the circuit court. Which one should I used?