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From: mark@elsie.UUCP
Newsgroups: net.taxes
Subject: Re: House purchase deductions
Message-ID: <699@elsie.UUCP>
Date: Mon, 30-Jan-84 12:38:53 EST
Article-I.D.: elsie.699
Posted: Mon Jan 30 12:38:53 1984
Date-Received: Tue, 31-Jan-84 04:02:18 EST
References: <331@bunker.UUCP>
Organization: NIH-LCM, Bethesda, MD
Lines: 25

Re:
     Does anyone know, if you buy a house what are the deductibles?

     Sales Tax ?	Maybe. A straight sales tax, yes; but there are several
			local "sales" taxes the IRS won't let you take off.
			Montgomery County, MD. has some type of "transfer tax"
			(about 1% or so -- a real kick in the teeth) that
			the IRS disallows (I understand they make a LOT of $ in
			penilties from it).
     Attorney Fees ?	No.
     Closing Fees ?	No.
     Other Fees ?	No.

     If you had a professional estimator in, is his bill deductible ?	No.

NOTE: all the above do count toward the purchase price of your house and so
can be used to offset any gains you may make on it.
NOTE ALSO: I am not a tax professional. The above is my understanding of the
tax code as it applies in this case and I may be wrong; at least in some cases.
Do not cit this article if you get audited. You'll just get us both in trouble
(let's see; how do you cancel -- CTRL D?  :-))

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