chapguy19
Level 4
09-10-2024
06:15 PM
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or should it be added to the basis?
BTW...on schedule A she can only deduct 1/2 of the tax since she maxes out at $10,000.
Thanks in advance, Christopher
BTW...on schedule A she can only deduct 1/2 of the tax since she maxes out at $10,000.
Thanks in advance, Christopher
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BobKamman
Level 15
09-11-2024
04:11 PM
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Is that even a deductible tax? I think it's an excise tax, for the privilege of recording the deed. So add to the basis or subtract from the proceeds, depending on who pays it.
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Just-Lisa-Now-
Level 15
09-11-2024
01:30 PM
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what kind of tax is it that gets paid at the time of sale?
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BobKamman
Level 15
09-11-2024
04:11 PM
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Is that even a deductible tax? I think it's an excise tax, for the privilege of recording the deed. So add to the basis or subtract from the proceeds, depending on who pays it.