First the fees you cannot use are real estate or property tax, insurance, points, or mortgage interest. Some expenses are deductions and none of these are added to the cost of the property.
The fees that can be added to the cost of the property as purchase expenses paid in the 'Buyer's Column':
- Beginning with Line C: Document Prep you highlight to the bottom of that section. $1,225.31
- Next, Line E. Recording Fee $150
- Transfer tax was paid by the Seller
Government Recording and Transfer Charges
- Recording fees
- Title Charges
- Lenders Title Policy
- Settlement or Closing Fee
- MLC - Assuming it means Municipal Lean Certificate
- Title Exam
- Owners title Insurance
You can include these closing costs paid by you and add them to the cost basis of the property as noted above.
Loan charges - Loan charges are part of the loan, not 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.
@Priscilla1985
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