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Are back taxes an expense of sale when selling a vacation home

Damin
Level 1

Client sold a vacation home, entered the sale on the Schedule D can the back taxes paid at the sale be deducted from the gain.  As an expense of Sale on the D or do they go on the Sched A?

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Accepted Solutions
IRonMaN
Level 15

Sounds like A is the proper resting place for them.


Slava Ukraini!

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4 Comments 4
IRonMaN
Level 15

Sounds like A is the proper resting place for them.


Slava Ukraini!
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Damin
Level 1
Thanks for your time but I need something more definite.  
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IRonMaN
Level 15
If you need something more definitive, it sounds like it's time to roll up your sleeves and do some research.

Slava Ukraini!
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George4Tacks
Level 15

Is TurboTax a definitive source? https://ttlc.intuit.com/community/tax-credits-deductions/discussion/can-we-deduct-past-property-taxe...

P.S. DO NOT TRY TO WRITE OFF ANY PENALTIES. 


Answers are easy. Questions are hard!
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