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Question

For my rental property I purchased in 2020, can I deduct the admin fee, Closing fee, Processing fee, Underwriting fee, Appraisal fee, Credit Report Fee, settlement fee?

Forum|Forum|5 years ago
February 2, 2021
1 reply
0 views

I am in the enter escrow fees section for my rental property and trying to figure everything, I don't have a HUD-1 statement, I have a closing cost statement for a 30 yr conventional loan. Thanks!

TurboTax Premier Online

No. According to IRS.gov, the only fees that are deductible are for interest, certain mortgage points and deductible real estate taxes. All other fees are additions to your basis in the property and part of your depreciation deduction. You will need to add these in your return as assets to be depreciated.

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ROWDYSAuthor

Thanks. That is where/why TurboTax is asking me to add these things, but I do not have a HUD-1 statement I have conventional loan statement.

No, at this point you can add these using your conventional loan statement.

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