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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10505
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Is NJ mansion tax, paid at settlement when you sell your personal

This answer was rated:

Is NJ mansion tax, paid at settlement when you sell your personal residence, tax deductible on Schedule A of Form 1040?

NPVAdvisor :

The buyer cannot currently deduct the tax; it should be capitalized as part of the basis of the purchased property (along with the other costs of acquisition, e.g. legal fees, recording fees, and such.)

NPVAdvisor :

The so called mansion tax is really a sales tax. You may elect to take the sales tax deduction in lieu of your standard deduction. You would do this if the sales tax is higher than the standard deduction for your filing status. ... But transfer fees are not deductible.


 

NPVAdvisor :

Hopefully you'll rate my answer on it's accuracy, rather than any good news, bad news content ... Hopefully having all the facts will help you see around some corners.

NPVAdvisor :

Let me know if ou hve further questions

NPVAdvisor :

lane

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