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April 2, 2025
Question

CLAIMING DEED TRANSFER TAX

  • April 2, 2025
  • 1 reply
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I paid $10,000 for a deed transfer on a house that I co owned and now I am sole owner can I claim this on my 2024 PA 40 or IRS 1040S INCOME TAX?

1 reply

April 2, 2025

Transfer taxes are not tax-deductible against your income tax, but can increase the tax basis of your property, reducing future capital gains taxes.

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