Itemizing on Federal Tax return-New Hampshire residents (pay, taxes, transfer)

[nicolem]

Hello,

We purchased our first home-condo last year-however we bought it in October. I live in New Hampshire which has no income tax or sales tax. A friend told me that I can deduct other "state" taxes like car registration, state telephone taxes etc. Does anyone do this or have a source they could refer me to?

I need to figure out all the deductions that we are allowed to itemize. For instance, the NH tax on our land line and cell phones-would I be able to deduct that?

I searched on the IRS website but I did not have luck. This is our first time that we have a possibility of itemizing but since we did not buy our condo until late in the year-we do not have a full year of mortgage and property taxes. We do have a huge real estate transfer tax that we had to pay at closing and I would hate not being able to deduct that.

Thank you!

Nicole

[truckingbronco]

I don't think you can deduct the transfer taxes. I believe the proper treatment would be to add them back into your cost basis.

***As always, this is not legal advice and you should contact your local CPA/attorney

[nicolem]

Originally Posted by truckingbronco

I don't think you can deduct the transfer taxes. I believe the proper treatment would be to add them back into your cost basis.

***As always, this is not legal advice and you should contact your local CPA/attorney

Thanks for your response!

[rjacew]

See Pub 530 for general guidelines...
Publication 530 (2006), Tax Information for First-Time Homeowners

[nicolem]

Originally Posted by rjacew

See Pub 530 for general guidelines...
Publication 530 (2006), Tax Information for First-Time Homeowners

Thank you!


Nicole