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I bought a house in 2016 and on the settlement sheet is a charge for city/county/tax/stamps. Can this be treated as a real estate tax?

Forum|Forum|7 years ago
June 4, 2019
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We bought a new house last May. n the settlement statement is a charge under recording and transfer charges defined as "City/Couny?stamps " Deed. can this be used for the Federal or state taxes?

There also was a charge titled "Mont.TWP Business Priv. Tax. can that also be used as a deduction?

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Best answer by Celery63

No.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

C

Celery63Answer

No.
You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.