Purchased house during 2022 as 100% Rental Property
My questions are around what can I deduct regarding the purchase of the property. Note that I own 1 other that was purchased as a residence than converted to rental when we bought another home.
The property is in a Senior Living area. they have what are referred to as Recreation Centers. Every new purchase of a house in this HOA area requires a 1 time $4000 payment to the Recreation HOA plus yearly dues. Can the 1 time $4000 payment be depreciated? If so, what "Code Section" would I choose?
Closing Costs - (Cost of House - Land Value = Basis for use in calculating depreciation) Can I add in closing costs to the purchase price of the house to increase my Basis. If house was $200,000 and land was worth $$75,000, my basis would be $125,000. Can I add things like Title Fees, Appraisal Fees, Loan Fees, etc. to increase my basis?
