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Can I deduct the excise tax that I paid when selling real…

Can I deduct the excise...
Can I deduct the excise tax that I paid when selling real estate in Washington state on my income tax?
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Answered in 4 minutes by:
3/17/2016
emc011075
emc011075, Tax adviser
Category: Tax
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Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

You cannot deduct it directly your tax return but you add it to you basis for calculating capital gains. To figure out your capital gains you will take the purchase price, deduct depreciation (if used for business), add capital (major) improvements, expenses of sale (including all taxes and RE commission) and deduct it from the sale price (not the final proceeds).

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