On Apr 8, 8:28*pm, "Phil Marti" <prm20...[at]verizon.net> wrote:
- quote -


Well, there I go shooting from the hip again *sigh*. A bad example.
Thanks for the catch, Phil.

Katie

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"Katie" wrote:

- quote -

This needs to be tweaked a bit. Appraisals and other costs of getting a
loan are not part of basis. They're just additional costs that have no tax
effect now or later. See IRS Publication 551.

--
Phil Marti
Clarksburg, MD

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On Apr 8, 6:51*pm, wdwrk8...[at]gmail.com wrote:
- quote -


No, no, no. The tax is NOT a general sales tax. It is a real
property transfer tax. Not deductible.

The transfer tax (and other purchase costs, such as appraisal fees,
escrow fees, etc.) is added to the amount you paid for the property to
calculate your basis in it. For example, if the purchase price of the
property was $100,000, and your nondeductible costs total $2,000, your
basis in the property is $102,000.

Katie in San Diego

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On Apr 7, 9:29 pm, "D. Stussy" <s...[at]bde-arc.ampr.org> wrote:
- quote -

"basis"?

Washington doesn't have an income tax, so I've checked 5B (general
sales
tax) & used the IRS's online calculator come up with a figure to
enter
there. How can I determine if the excise amount qualifies as a sales
tax?
Would I simply add the entire amount to the figure I got online?

Thanks!

Dan

========================================= MODERATOR'S COMMENT:
Please trim away all un-needed boilerplate

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Dan" <none[at]hotmail.com> wrote in message
news:Wvadnd910LkCfWfanZ2dnUVZ_j2dnZ2d[at]comcast.com...
- quote -

No. It adds to your basis of the home.

However, check line 5 IF it qualfies as a sales tax and your state income
tax is less.

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On Apr 7, 8:30*pm, "Dan" <n...[at]hotmail.com> wrote:
- quote -



No. It's a real estate transfer tax, not deductible under Sec. 164.
Add it to the basis of the property.

Katie in San Diego

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

We live in Washington state & purchased a new home in 2007. We paid several
thousand dollars in state Real Estate Excise tax. Can this tax be included
on line 8 of shcedule A, "Other taxes"?

TIA

Dan

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >