Home sale excise tax. Is it a sales tax or proerty tax?

Question

I sold a home for the tax year 2006. I was charged an excise tax by the county and state. Can I take this tax off on my tax return? Would I list it as a sales tax or property tax? Or would it be listed under the adjusted sales price of the house?

Answer 1

Real estate taxes (or property taxes) are deductible on Schedule A as an itemized deduction. All other taxes paid by the seller are considered transfer taxes and should be added to the cost basis of the property, which in turn lowers the gain on the sale.

Answer 2

heres what the dictionary says about the word excise:
excise
3 entries found for excise.
To select an entry, click on it.
excise[1,noun]excise[2,transitive verb]excise[3,transitive verb]

Main Entry: 1ex·cise
Pronunciation: 'ek-"sIz, -"sIs
Function: noun
Etymology: obsolete Dutch excijs (now accijns), from Middle Dutch, probably modification of Old French assise session, assessment -- more at ASSIZE
1 : an internal tax levied on the manufacture, sale, or consumption of a commodity
2 : any of various taxes on privileges often assessed in the form of a license or fee
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if they taxed you on it, did you talk with your CPA about this? Did he or was he able to get you credit on this? You know you could re-do your tax again and add this; if this was overlooked? call and speak with your CPA if it's not a CPA then I would recommend you seek or find one in your area.

best wishes!...

Answer 3

Sales

Answer 4

it's a sales tax, Home SALE Excise Tax.

Answer 5

It's neither and, as such, not deductible.