Tax gurus...home sell question for ya

[Soonerchaz]

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]

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]

It should reduce the capital gain on the sale of the house.

[olevetonahill]

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]

Thats what I said . Pay attention . :P
you just said in less words .Nobody can understand your f'n hillbilly talk.;)

[olevetonahill]

Nobody can understand your f'n hillbilly talk.;)
Bri makes fun of me to . :D

[olevetonahill]

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]

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]

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]

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]

Just tweak it in Turbo Tax until it passes the audit-check.

After that, yer in the clear.:cool:

[olevetonahill]

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: