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Is transfer taxes on real estate deductible?

Isabella Davis | 2023-05-07 23:44:06 | page views:1724
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Isabella Taylor

Studied at the University of Amsterdam, Lives in Amsterdam, Netherlands.
You can't deduct transfer taxes and similar taxes and charges on the sale of a personal home. If you are the buyer and you pay them, include them in the cost basis of the property. If you are the seller and you pay them, they are expenses of the sale and reduce the amount realized on the sale.
2023-05-13 23:44:06

William Adams

QuesHub.com delivers expert answers and knowledge to you.
You can't deduct transfer taxes and similar taxes and charges on the sale of a personal home. If you are the buyer and you pay them, include them in the cost basis of the property. If you are the seller and you pay them, they are expenses of the sale and reduce the amount realized on the sale.
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