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Old 03-08-2010, 02:59 PM
 
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Can any tell me if Buyer paid NYS mortgage Tax is Tax Deductable on Federal or State Incom Taxes.
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Old 03-08-2010, 04:12 PM
 
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far as I know, it is not
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Old 03-08-2010, 05:34 PM
 
Location: Long Island
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Quote:
Originally Posted by ata_mufti View Post
Can any tell me if Buyer paid NYS mortgage Tax is Tax Deductable on Federal or State Incom Taxes.
Are you talking about the transfer tax? As in buying a bank owned property where the buyer always pays the transfer tax ormally paid by the seller? If so, then no, it is not deductible on your tax return(s); however, it will increase the basis of your purchase price.
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