View Full Version : Tax gurus...home sell question for ya
Soonerchaz
4/14/2007, 02:40 PM
Sold and bought a house last year. I prepaid property taxes at settlement on the new house...and that can be claimed on my Schedule A.
The guy that bought my old place was cash poor...and I helped with some of his closing costs. One thing that I paid for him was the property taxes. It specifically states this on my HUD-1.
Question...Can I claim the property taxes I helped the buyer with on the sell of my old home?
olevetonahill
4/14/2007, 02:43 PM
I aint a tax person but Id think not since it aint gonna show as income as in part of the what you netted on the sale .
Flagstaffsooner
4/14/2007, 02:50 PM
It should reduce the capital gain on the sale of the house.
olevetonahill
4/14/2007, 02:53 PM
It should reduce the capital gain on the sale of the house.
Thats what I said . Pay attention . :P
you just said in less words .
Flagstaffsooner
4/14/2007, 03:03 PM
Thats what I said . Pay attention . :P
you just said in less words .Nobody can understand your f'n hillbilly talk.;)
olevetonahill
4/14/2007, 03:08 PM
Nobody can understand your f'n hillbilly talk.;)
Bri makes fun of me to . :D
olevetonahill
4/14/2007, 03:28 PM
Sold and bought a house last year. I prepaid property taxes at settlement on the new house...and that can be claimed on my Schedule A.
The guy that bought my old place was cash poor...and I helped with some of his closing costs. One thing that I paid for him was the property taxes. It specifically states this on my HUD-1.
Question...Can I claim the property taxes I helped the buyer with on the sell of my old home?
So was what Flag and I said helpful or not ?
Soonerchaz
4/14/2007, 03:36 PM
So was what Flag and I said helpful or not ?
That's the way I was leaning...and my taxes are ready to be sent just claiming the prepaid property taxes on the new place.
I appreciate the help. I had more success hammering nails in my skull last night than attempting to understand the tax code. :)
Flagstaffsooner
4/14/2007, 03:45 PM
I appreciate the help. I had more success hammering nails in my skull last night than attempting to understand the tax code. :)Thats what booze is fer, dem damn revenuers.
olevetonahill
4/14/2007, 04:09 PM
That's the way I was leaning...and my taxes are ready to be sent just claiming the prepaid property taxes on the new place.
I appreciate the help. I had more success hammering nails in my skull last night than attempting to understand the tax code. :)
Dude If what I said made sense , You fit rite in . Get yo asss to the drunkytown thread .:D
AggieTool
4/14/2007, 05:24 PM
Just tweak it in Turbo Tax until it passes the audit-check.
After that, yer in the clear.:cool:
olevetonahill
4/14/2007, 05:28 PM
Just tweak it in Turbo Tax until it passes the audit-check.
After that, yer in the clear.:cool:
Yup you can claim any deduct you want to . till the Audit . :eek:
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