Expert Alumni

Deductions & credits

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.  




**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post