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Deductions & credits
@divmomkr , don't know what you mean. However and in general,
(a) Your expenses associated with the purchase of the asset like title search . title insurance, inspection etc. are part of your basis -- your acquisition cost.
(b) Property taxes , being an on-going expense is deductible , if you itemize , and under the SALT limits
(c) Mortgage interest, another on-going cost is deductible , if you itemize and under the mortgage principla limit.
Does this answer your query ?
‎April 5, 2025
1:36 PM