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If a person sells a real estate investment, they pay

Customer Question
applicable taxable gains, and state...
if a person sells a real estate investment, they pay applicable taxable gains, and state and city taxs, Which taxs paid are deductible on the following years tax return?
Submitted: 1 year ago.Category: Tax
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Answered in 25 minutes by:
10/7/2016
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 714
Experience: Business Consultant/Accounting Manager
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Hi. Great Question.

State income taxes you had paid are deductible on Schedule A.

The property taxes you paid for that year are deductible. Any taxes that you paid for your property, that were not part of any basis to come to your gain or loss is deductible (Schedule E).

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

The tax return is based on cash-basis. So, if you paid a tax for the year before in the next year, it should be deductible on the next year's return.

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Customer reply replied 1 year ago
if the person had no income for the following year does these deductions carry forward?
Customer reply replied 1 year ago
to reiterate the state taxs are deductible, the real estate taxs, no federal taxs.the transfer tax is also deductible?
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Transfer tax should be part of your basis, to determine the gain.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Let me know if you have any questions.

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Customer reply replied 1 year ago
does the tax paid deduction carry forward f you have no income on year 2?
Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Hi. Good Question. No, only if you have a capital loss.

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Tax Professional: ABC Accounting Group, Certified Public Accountant (CPA) replied 1 year ago

Let me know if you have any questions.

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