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Investors & landlords
Yes, the closing costs you paid when you purchased the property are part of your Basis. You should have been depreciating that amount. Because it is part of your Basis, that does affect your gain/loss when you sell.
But if you had properly included it in your Basis when you set up depreciation, the program should already have the correct number and you don't do anything else.
‎July 3, 2020
3:02 PM