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Posted by wdwrk8913 on April 8, 2008, 9:51 pm
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>
> > We live in Washington state & purchased a new home in 2007. We paid
> several
> > thousand dollars in state Real EstateExcisetax. Can this tax be
> included
> > on line 8 of shcedule A, "Other taxes"?
>
> No. It adds to your basis of the home.
>
> However, check line 5 IF it qualfies as a sales tax and your state income
> tax is less.
>
> --
> << ------------------------------------------------------- >>
> << The foregoing was not intended or written to be used, >>
> << nor can it used, for the purpose of avoiding penalties >>
> << that may be imposed upon the taxpayer. >>
> << >>
> << The Charter and the Guidelines for submitting posts >>
> << to this newsgroup as well as our anti-spamming policy >>
> << are atwww.asktax.org. >>
> << Copyright (2007) - All rights reserved. >>
> << ------------------------------------------------------- >>
Thanks for the replies. Can you elaborate on how this relates to
"basis"?
Washington doesn't have an income tax, so I've checked 5B (general
sales
tax) & used the IRS's online calculator come up with a figure to
enter
there. How can I determine if the excise amount qualifies as a sales
tax?
Would I simply add the entire amount to the figure I got online?
Thanks!
Dan
========================================= MODERATOR'S COMMENT:
Please trim away all un-needed boilerplate
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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