So the title companies here don't give out HUD-1's, apparently, just settlement statements. Which makes it difficult to figure out what I can include in my cost basis for depreciation. I bought a property with an SBA loan and am trying to figure out which of the costs I need to include in the cost basis.
Turbotax is asking for the following:
- Abstract and recording fees
- Legal fees, title search, document prep
- Land survey
- Title insurance
- Transfer or stamp taxes
- Expenses you paid for the seller
The first table of expenses on my settlement statement is named "New Loans", and includes the following, and they're all written to the bank that I used:
- Environmental report to Bank
- Appraisal report to Bank
- Credit report to Bank
- Flood certification to Bank
- Lexus nexus to Bank
- Wire fee to Bank
- UCC fees to Bank
- Tax transcripts to Bank
- Tax transcript fee to Bank
- Guaranty fee (this one was really expensive because this is an SBA loan on the property) to Bank
- Packaging fee to Bank
The next table on the statement is named "Title Escrow Charges to", and includes the following:
- E-recording fee to Title Company
- Misc Title Processing Fee to Title Company
- Escrow/Closing Fee to Title Company
- ALTA Loan Policy extended to Title Company
- OTIRO, REM, Environmental Protection to Title Company
- Record Warranty Deed - First
- Record Warranty Deed of Trust - First
- Record Deed of Trust - Other to County Clerk
- Record Assignment of Rents to County Clerk
Then the last and final table is named "Disbursements Paid" and includes the following:
- Professional Fees to SettlePou (this was also pretty expensive)
- Expenses to SettlePou
Which of these fees can be included in the cost basis and how do I group these into turbotax?
