Generally, deductible closing costs are those for interest, certain mortgage points and deductible real estate taxes.
Many other settlement fees and closing costs for buying/refinancing the property become additions to your basis in the property and part of your depreciation deduction, including:
- Abstract fees
- Charges for installing utility services
- Legal fees
- Recording fees
- Surveys
- Transfer taxes
- Title insurance
- Any amounts the seller owes that you agree to pay (such as back taxes or interest, recording or mortgage fees, sales commissions and charges for improvements or repairs).
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