Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site elsie.UUCP Path: utzoo!linus!philabs!seismo!rlgvax!cvl!elsie!mark 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? :-)) -- UUCP: decvax!harpo!seismo!rlgvax!cvl!elsie!mark Phone: (301) 496-5688