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October 11, 2007
Real Estate Taxes
I was wondering whether certain items are tax deductible when buying a new construction condo. Are either the mortgage recording tax or the New York City/State transfer taxes deductible? Thanks for any help.
Comments
These are not deductibles. They are used when calculating your cost basis when it comes time to sell.
Posted by: guest at October 11, 2007 12:39 PM
correct, merely added to your cost basis, not currently deductible
Posted by: guest at October 11, 2007 3:34 PM
Thanks for your help.
Posted by: cwh812 at October 12, 2007 10:42 AM
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