Yes, here is the list of closing costs and loan fees for example. As far as entering your condo, if land is part of your cost then enter the combined total for the condo asset, then the land portion. TurboTax will reduce the total by the land value before calculating depreciation.
Do not use any mortgage interest, real estate or school taxes, local or city taxes. Transfer tax is a separate and identifiable expense of purchasing a property.
Loan charges - Loan charges are part of the loan and not added to cost basis
- Application fees
- Lender fees
- Appraisal Fee
- Inspection Fee
- Condo Questionnaire
- Credit Report
- Debt Report
You can't include in your basis the fees and costs for getting a loan on property.
Government Recording and Transfer Charges- these are added to the cost basis of the property
- Recording fees
- Title Charges
- Lenders Tile Policy
- Settlement or Closing Fee
- MLC - Assuming it means Municipal Lean Certificate
- Title Exam
- Owners Title Insurance
You can include these closing costs and add them to the cost basis of the property as noted above.
@dcisfun5
[Edited: 03/16/2024 | 10:35 AM PST]
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