Reverse Mortgages For Dummies When real estate changes hands, a special tax comes into play. Some people call it the real estate conveyance tax. Others call it the real estate transfer tax. if you itemize deductions on your tax return (instead of claiming a lump sum standard deduction amount), you can’t deduct the real estate transfer tax, as you would for state income taxes and Temporary Disability Insurance (TDI) taxes. So if you’ve been involved in the sale of real estate this year and wind up paying the real estate transfer tax as a result (the seller usually pays the tax), you can’t deduct it when you do your federal income-tax returns early next year.

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