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Posted by Katie on April 9, 2008, 12:59 am
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> "Katie" wrote:
> > The transfer tax (and other purchase costs, such as appraisal fees,
> > escrow fees, etc.) is added to the amount you paid for the property to
> > calculate your basis in it.
>
> This needs to be tweaked a bit. Appraisals and other costs of getting a
> loan are not part of basis. They're just additional costs that have no tax
> effect now or later. See IRS Publication 551.
>
> --
> Phil Marti
> Clarksburg, MD
>
Well, there I go shooting from the hip again *sigh*. A bad example.
Thanks for the catch, Phil.
Katie
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