QUESTION

Are Virginia State Transfer Taxes deductible when filing Virginia State Income Taxes?

Asked on Jun 24th, 2013 on Residential Real Estate - Virginia
More details to this question:
N/A
Report Abuse

1 ANSWER

I don't think you can deduct them as "taxes", as they are considered a cost of selling or buying  property, but you can add them to your tax basis if you are the buyer, or use them as an expense of sale to reduce the amount realized if you are the seller.  I am not a tax lawyer but this is what I have been over the years.  Call the Virginia Department of Taxation and they should be able to give you the right answer.  
Answered on Jul 05th, 2013 at 8:09 AM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters