No. The finance charges would be mortgage interest, points or loan origination fees which would have been deducted each year.
Items that would adjust the cost basis of a home purchase are shown below.
- The
following Items on the settlement statement will be purchase expenses to
the buyer reducing the taxable gain on the future sale (sales expenses to the
seller). These same expenses will take place at the time of purchase and sale.
- Title
charges,
- recording
fees,
- transfer
tax,
- AND real estate commissions.
- Points paid on the buyer’s behalf
- If there
were any capital improvements to the property add those to the cost basis
for a total adjusted basis.
