How Does The Tax Deduction Work For State And County Transfer Taxes?
Friday, July 10th, 2009A Reader Asks…
My wife and I are buying a new house in MD where the state and county transfer taxes will be about $8000. We are going to close in December this year, but will probably take a standard deduction. Can we deduct the property transfer tax even though we are going to take the standard deduction this year? Are transfer taxes deductions or credits?