I moved from condo A (bought in 2016) to condo B, and made condo A rental in Sep 2022. When filling "New rental property" cost base, TurboTax asks to enter escrow fee paid for condo A. Wondering if the following items can be counted (parts of Closing Disclosure doc):Prepaid fee (homeowner insurance premium, interest, property taxes, etc)Initial Escrow Payment at Closing (Property taxes, homeowner's insurance, etc)If the above can be counted, which one we should enter, "Legal fees, title search, document preparation" or where? Thanks.

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First time property rental, mortgage-related expense

Forum|Forum|3 years ago
March 31, 2023
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I moved from condo A (bought in 2016) to condo B, and made condo A rental in Sep 2022. When filling "New rental property" cost base, TurboTax asks to enter escrow fee paid for condo A. Wondering if the following items can be counted (parts of Closing Disclosure doc):

Prepaid fee (homeowner insurance premium, interest, property taxes, etc)
Initial Escrow Payment at Closing (Property taxes, homeowner's insurance, etc)

If the above can be counted, which one we should enter, "Legal fees, title search, document preparation" or where?

Thanks.

TurboTax Self Employed Online

T

ThomasM125

The prepaid fees and escrow deposits are not deductible. You deduct the associated insurance premiums and property taxes in the period you pay the actual insurance bill or property tax bill.

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