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A
AJ_52
April 11, 2024
Question

Inputs for Legal Fees, Title Search, Document Preparation used to determine my cost basis for rental property

  • April 11, 2024
  • 1 reply
  • 0 views

I’m trying to determine my inputs for Legal Fees, Title Search, Document Preparation used to determine my cost basis are accurate. Its basically everything listing under SERVICES BORROWER DID NOT SHOP FOR in my closing statement:

 

Appraisal Fee

Credit Report

Flood Certification

Title - Courier / Wire  / Email

Title - Endorsement Fee

Title - Premium for Lender's Coverage

Title - Settlement or Closing Fee

 

Does this sound accurate?

1 reply

P
PaulaM
Employee
April 11, 2024

Basically, everything other than mortgage costs and real estate taxes are included in the rental property's basis. 

What closing costs can I deduct or add to basis for rental?

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    A
    AJ_52Author
    April 11, 2024

    Even underwriting fees?

    P
    PaulaM
    Employee
    April 14, 2024

    Any fee related to the cost of a loan is not added to basis. 

     

    See page 11 of Pub 527 for a list of costs that are included in basis and ones that you cannot. 

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