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March 17, 2020
Question

MN Title Tax

  • March 17, 2020
  • 1 reply
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Is it possible to deduct MN title tax on property sold in 2019?  Where do I enter this deduction?

    1 reply

    DawnC
    Employee
    March 17, 2020

    To claim a deduction for personal property taxes, the tax must only apply to personal property you own, be based on its value and be charged on an annual basis, irrespective of when the government collects it from you. Therefore, if the state only charges the tax at the time you purchase the property then it does not meet the IRS definition of a deductible personal property tax.

     

    Where do I enter my personal property tax?

     

    For home sales - You can reduce your taxable gain when you sell your home by deducting the total amount of your selling costs including real estate broker's commissions, title insurance, and more.  There will be a spot when you enter the sale of the home to add any selling expenses.   

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