The major issue is that ever since the requirement for a HUD-1 settlement statement was eliminated, there are those closing companies that just "make up" their own closing document, literally "out of thin air". So it's perfectly possible that your closing costs aren't broken out at all. Now don't know if it will help, but here's the basics.
- Those costs associated with acquisition of the property are added to the cost basis of the property and depreciated over time. Examples would include (but not limited to) title transfer fees paid at the courthouse to change the name on the deed from the buyer to the seller.
- Those costs associated with acquisition of the loan are amortized and deducted (not depreciated) over the life of the loan. Expamples would include (but not limited to), loan application fees, points/pre-paid interest, and survey fees if (and only if) a survey was a condition of loan approval,
