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You will pay taxes on a home sale on amounts of gain in excess of the excludable amount. This type of gain will be taxed at the capital gains tax rate. If youâve owned the home less than one year, any gain over the excludable amount will be taxed at a rate that will be the same as your ordinary income tax rate.
Instead, you add the $1,375 to the cost (basis) of your home. You owned the home in 2014 for 243 days (May 3 to December 31), so you can take a tax deduction on your 2015 return of $949 [(243 Ã· 365) Ã $1,425] paid in 2015 for 2014.You add the remaining $476 ($1,425 â $949) of taxes paid in 2015 to the cost (basis) of your home.his section explains what expenses you can deduct as a homeowner. It also points out expenses that you cannot deduct. There are four primary discussions: real estate taxes, sales taxes, home mortgage interest, and mortgage insurance premiums.