Are sales taxes on building materials deductible?
February 9, 2000
Subject: sales tax?
From: Harriet Schneider
Date: Fri, 14 Jan 2000
If you build a new home, is sales tax on the materials bought to build the home with deductible?
Date: 19 Jan 2000
No, sales taxes are no longer deductible.
You may add the sales tax for materials to build a home to your tax basis for determining the gain or loss when you sell the home.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
Find us on Facebook
Follow me on Twitter
Connect on LinkedIn
Connect on Google+