I am doing my taxes by myself for the first time, and I heard somewhere that your state income taxes can be a write off on your federal income tax. Is that true?
Posts tagged ‘Deduction’
My wife and I are buying a new house in MD where the state and county transfer taxes will be about $8000. We are going to close in December this year, but will probably take a standard deduction. Can we deduct the property transfer tax even though we are going to take the standard deduction this year? Are transfer taxes deductions or credits?