- quote -

Thanks Carol --

Actually, I was wondering if some of these taxes might be
deductible just as the standard property tax payment is
deductible. I gather, though, from the responses that it is
not.

-- Ray

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- quote -


None of these expenses are deductible. The only deductible expenses or
includable expenses are the real estate taxes. If you were given a credit for
unearned taxes they have to be included as income on your return. If you paid
taxes that were due then they are deductible.

Hope this helps you.

Bruce Raskin, CPA
Small Business and Individual Tax and Accounting Services

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"Ray Jenkins" <rayj.balt[at]verizonDELETHIS.net> wrote:

- quote -

Those are treated as a "cost of sale", and will result in a
smaller gain (which may not be taxable in either case).

Whether you bought a replacement home, or not, has not been
a factor since 1997.

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- quote -

Why would you report it? Is the gain larger than $250,000 (single) or $500,000
(married filing joint)?

Carol

My mind not only wanders, sometimes it leaves completely.

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- quote -

All these fees are are costs of sale and reduce the sales
price, no more.

Helen, EA in PA
50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure
October 1 to October 3, 2004
Donate on-line at www.msandyou.org

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"Ray Jenkins" <rayj.balt[at]verizonDELETHIS.net> wrote:

- quote -

Only if the profit from the sale was greater than $250,000
(if you are single) or $500,000 (if you are married filing
jointly) would this come into play and may be considered
part of the expenses of sale. If not, the sales transaction
need not appear on your tax return at all.

Wayne Brasch, CPA, M. S. Taxation

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I recently sold my primary residence (and bought a smaller
place).

There was a surprisingly large "transfer tax and recordation
fee" involved.

Does the IRS allow a deduction for any or all of this?

Are there any closing costs, generally, that might be
deductible?

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