Hi:
Background: My wife and I had the goal of getting two 3 family houses in 2020 but were only able to purchase one. (We however are able to close on two more for 2021 this month) This is a 2 part question:
1. We have 2 home inspection fees that we had to eat the cost of for 2020. (Found major issues with the house and had to pull out) Is it possible to deduct these costs in expenses somehow? (I know it's difficult because we haven't formed an LLC yet, doing the sole proprietor route. We're using Schedule E filing.)
2. Is there a list of closing costs that can be amortized (Please make it bullet points). I've only been able to work out that home appraisal fees can be done with this method. Are there any other things that can be added to closing costs via this method as well?
I.e. Home inspection? Wire transfer fee? Underwriting and/or processing fees? Mortgage insurance premium? Title settlement fee? Credit report? Etc.
Any help would be greatly appreciated.
