Many thanks for the thorough answer and guidance! Yes, the unit was already occupied and the seller passed on 1 day of rent to us. So, we will report this on Sch E.
OK, so the closing costs related to acquisition of the property are to be added to the basis of the property (ie, purchase price + closing costs).
- This 'property' closing costs includes fees for title + transfer, recording, attorney , inspection, appraisal?
- Then where does the closing costs related to the acquisition of the loan get entered?
(Note: I haven't had a chance to walk through this section in TT yet; apologies in advance if the questions will be clear once I step through the Invstment/Sch E section.)
Thanks!
