Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
ROWDYS
Returning Member

For my rental property I purchased in 2020, can I deduct the admin fee, Closing fee, Processing fee, Underwriting fee, Appraisal fee, Credit Report Fee, settlement fee?

I am in the enter escrow fees section for my rental property and trying to figure everything, I don't have a HUD-1 statement, I have a closing cost statement for a 30 yr conventional loan.  Thanks!
4 Replies
DaveF1006
Expert Alumni

For my rental property I purchased in 2020, can I deduct the admin fee, Closing fee, Processing fee, Underwriting fee, Appraisal fee, Credit Report Fee, settlement fee?

No. According to IRS.gov, the only fees that are deductible are for interest, certain mortgage points and deductible real estate taxes. All other fees are  additions to your basis in the property and part of your depreciation deduction.  You will need to add these in your return as assets to be depreciated. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
ROWDYS
Returning Member

For my rental property I purchased in 2020, can I deduct the admin fee, Closing fee, Processing fee, Underwriting fee, Appraisal fee, Credit Report Fee, settlement fee?

Thanks.  That is where/why TurboTax is asking me to add these things, but I do not have a HUD-1 statement I have conventional loan statement.

DaveF1006
Expert Alumni

For my rental property I purchased in 2020, can I deduct the admin fee, Closing fee, Processing fee, Underwriting fee, Appraisal fee, Credit Report Fee, settlement fee?

No, at this point you can add these using your conventional loan statement. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
ROWDYS
Returning Member

For my rental property I purchased in 2020, can I deduct the admin fee, Closing fee, Processing fee, Underwriting fee, Appraisal fee, Credit Report Fee, settlement fee?

I know this, but Turbo Tax uses the "Hud-1" statement as their guide, and so it is totally different than the Conventional Loan Statement... That is why I asked my first question.

Dynamic AdsDynamic Ads
Privacy Settings
v