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Deductions & credits
Most closing costs are additions to basis. For example, your realtor fees, title fees, survey, etc. are considered to be additions to basis. The exception is going to be those annual costs that are prorated at closing, such as property taxes, insurance, and any prepaid interest. Since these could be deducted (if renting the property), they are not considered to be additions to basis.
This rule holds true for both closing costs at the time of purchase, and the time of sale.
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‎August 5, 2024
6:24 AM
10,601 Views