What is the name of your state (only U.S. law)? NY
Hi all,
I have been told and I am trying to find the validity and possible reason why I heard that you can deduct your state taxes paid at closing on your tax return?
This may only apply to a New York return from what I understand.
Theory:
The amount of state taxes paid at closing can be refunded to you as a tax credit and you get a check for the refunded amount. Now I know someone who has done this with success and I saw the check. I am trying to figure out the logic behind why a state would collect the tax, then refund it if filed for. Is this only applicable to NY?
Any help is appreciated
Hi all,
I have been told and I am trying to find the validity and possible reason why I heard that you can deduct your state taxes paid at closing on your tax return?
This may only apply to a New York return from what I understand.
Theory:
The amount of state taxes paid at closing can be refunded to you as a tax credit and you get a check for the refunded amount. Now I know someone who has done this with success and I saw the check. I am trying to figure out the logic behind why a state would collect the tax, then refund it if filed for. Is this only applicable to NY?
Any help is appreciated