Rental property cost basis labels are different from Closing Disclosure form

Forum|Forum|6 years ago
April 26, 2020
1 reply
11 views

Turbotax asks me for these values to compute the cost basis of my rental property

A Abstract and Recording Fees

B Legal Fees, Title Search, Document Preparation

C Land Surveys

D Title Insurance

E Transfer or Stamp Taxes

F Expenses You Paid for the Seller

However, my realtor did not issue me a HUD. All I have is the closing disclosure.

My closing disclosure contains the following:

1. Origination charges - Administrative Fee

2. Appraisal Fee

3. Credit Report Fee

4. Flood Certification

5. Tax service

6. Title-Courier Fee

7. Title - Lender's Title Insurance

8. Title - Settlement Fee

9. Recording Fees

10. City/County Tax/Stamps (Seller paid)

11. Real Estate Commission (Seller paid)

12. Title - Owner's Title Insurance (Seller paid)

Can you please help me with how these fit into the turbotax boxes... because the labels are different? Thanks!

TurboTax Premier Online

Best answer by AnnetteB6

Try using these values:

A Abstract and Recording Fees = 9 Recording Fees

B Legal Fees, Title Search, Document Preparation = 2 Appraisal Fee; 3 Credit Report Fee; 5 Tax Service; 6 Title Courier Fee; 8 Title Settlement Fee

C Land Surveys = 4 Flood Certification

D Title Insurance = 7 Lender's Title Insurance

E Transfer or Stamp Taxes = none (seller paid these)

F Expenses you paid for the Seller = none shown on your list

The seller paid items would not add to your basis. Item 1 Origination charges would be amortized over the life of your loan instead of being added to the basis.

@sviyer

AnnetteB6Answer

Level 15