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I bought and sold a home in Delaware and had to pay transfer…

I bought and sold...

I bought and sold a home in Delaware and had to pay transfer of title taxes, can they be deducted from my federal income taxes on my return.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

When selling a home in Delaware you must pay a transfer tax to the state and to the county.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not that I am aware of

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3/23/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. Answer in the next thread.

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You can't deduct transfer taxes and similar taxes and charges on the sale of a personal home. If you are the buyer and you pay them, include them in the cost basis of the property. If you are the seller and you pay them, they are expenses of the sale and reduce the amount realized on the sale.

REFERENCE SOURCE:

https://www.irs.gov/pub/irs-pdf/p530.pdf

IRS Pub 530

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Customer reply replied 3 months ago
what form or line on form do I use for this seduction
Customer reply replied 3 months ago

You cannot take the deduction. The taxes are not deductible.

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Tax.appeal.168, Tax Accountant
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