Mortgage Tax
NY state has a mortgage tax on home mortgages. Is this tax deductible on federal and state taxes?
No. Mortgage Taxes are not considered State and Local taxes – which are a tax deduction on Schedule A.
Mortgage Taxes are really excise taxes on the mortgage. These taxes are not deductible. However, the cost of these taxes increase the basis, or purchase
price of the property. So when you sell the property, these taxes would have increased your cost, and therefore reduced the gain you made on the sale.
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Tax Sign $29.99 Tax Sign – Photographic Print |
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