Is Recordation tax from buying a home a deductible on federal taxes like property tax?

I bought a home late in 2007 in D.C. And my HUD-1 shows a high recordation tax and I was wondering if I could claim this as a deductible on my federal tax return. Asked by keithjd 47 months ago Similar questions: Recordation tax buying home deductible federal taxes property Business > Financial Planning.

Similar questions: Recordation tax buying home deductible federal taxes property.

The answer is yes; however, you'll have to amend your taxes. It's 2009 and you're receiving a HUD-1 recordation tax for 2007? A recordation tax is usually assessed on the contracted sales price which it was when you bought your D.C.Home in late 2007.

Since the transaction occurred in 2007, the recordation tax will qualify as a home deduction. You will have to apply this deduction towards your 2007 Federal Income Tax return. You'll be paying the Internal Revenue Service (IRS) a couple hundred to amend your taxes, so it's probably worth taking the deduction.

Talk to a tax adviser though, there might be a statute of limitations or tax law preventing you from taking the retroactive credit. Sources: titlepros.com/calculators/transferRecord... .

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