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Subject Author Date
Is the "NJ Realty Transfer Fee" deductible? R. Vaughn 03-03-2007
Posted by R. Vaughn on March 3, 2007, 5:07 am
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 In New Jersey, the seller of a home has to pay what is
called the "NJ Realty Transfer Fee" (RTF). (see below)

http://www.state.nj.us/treasury/taxation/index.html?lpt/rtffaqs.htm~mainFrame

I sold my house in NJ in 2006. My question is: Is this
substantial "fee" (more than $4k in my particular instance)
considered a tax that would be deductible on a federal 1040
return? And if so, where on the 1040?

Thanks in advance for your insights.

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Posted by Ira Smilovitz on March 4, 2007, 9:09 pm
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> In New Jersey, the seller of a home has to pay what is
> called the "NJ Realty Transfer Fee" (RTF). (see below)
>
> http://www.state.nj.us/treasury/taxation/index.html?lpt/rtffaqs.htm~mainFrame
>
> I sold my house in NJ in 2006. My question is: Is this
> substantial "fee" (more than $4k in my particular instance)
> considered a tax that would be deductible on a federal 1040
> return? And if so, where on the 1040?

Non-deductible. It does get included as a cost of sale
should you have enough gain to be subject to capital gains
tax on the sale.

Ira Smilovitz

<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Benjamin Yazersky CPA on March 6, 2007, 5:44 am
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> In New Jersey, the seller of a home has to pay what is
> called the "NJ Realty Transfer Fee" (RTF). (see below)
>
> http://www.state.nj.us/treasury/taxation/index.html?lpt/rtffaqs.htm~mainFrame
>
> I sold my house in NJ in 2006. My question is: Is this
> substantial "fee" (more than $4k in my particular instance)
> considered a tax that would be deductible on a federal 1040
> return? And if so, where on the 1040?

no

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>

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