The credit report will be deducted as an expense and the flood certification will be added to the basis.
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 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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