I am a Florida resident, and I understand we are allowed to deduct Florida sales taxes on our 2006 federal income tax returns. I have a mailing from the IRS with the tax tables, and I understand how to take the deduction for the 6% state sales tax and the .5% Orange County tax. My question is this. During 2006, I purchased a condominium in Alachua County, Florida as a second home for $155,000. I paid $57,000 as a down payment and financed $97,000 at
6.125% with no points. Would there have been a sales tax payment associated with this purchase? If so, would I be allowed to deduct it in addition to the amount stated in the IRS tables? Also, are there any other taxes associated with the condo purchase that would normally be deductible? In looking at my settlement papers on the purchase, I don't actually see anything that explicitly says "sales tax". I do see a section called "Government Recording and Transfer Charges" which has the following: City/county tax/stamps Deed $0 Mortgage $196. State tax/stamps Deed $1085 Mortgage $343Would any of these be deductible on my federal tax?
Aside from mortgage interest and property taxes, would any other expenses normally associated with a condo purchase be deductible? I thought there would also be an intangible tax on the mortgage, but I don't see that spelled out on the settlement papers either.