Help establishing cost basis of newly acquired rental property

[rebecca-a-gelb]

I am establishing a new rental property. TurboTax has the following categories and I am in need of help determining what can go in these categories: 

Abstract and Recording Fees

Legal Fees, Title Search, Document Preparation

Land Surveys

Title Insurance

Transfer or Stamp Taxes

Expenses you Paid to the Seller

From my closing ALTA, I am having trouble figuring out if the following line items go into these categories: 

Closing Tech Fee

Condo Document & Review

Underwriting Fees

Flood Certification Fees

Recording Fees - planning to put in "Abstract & Recording Fees" 

Recordation Tax - County Deed 

Transfer Tax - County - planning to put in "Transfer or Stamp Taxes"

Transfer Tax - State - planning to put in "Transfer or Stamp Taxes"

Title - CPL (Lender)

Title - Full Search & Update

Title - Lender's Title Policy

Title - Closing Fee

Title - Commitment/Policy Fee

Title - Owner's Title Policy - planning to put in "Title Insurance"

HOA setup fee

[M-MTax]

See https://www.irs.gov/pub/irs-pdf/p527.pdf

Page 10 under Cost Basis

[rebecca-a-gelb]

Thank you. I had seen something like this on the IRS webpage but wasn’t entirely sure which category some of the listed items fit in (for example if the lenders title insurance policy can be deducted in addition to owner’s). 

[AmyC]

Items required to purchase the house, like the title fee go into the basis. Items for a loan, do not.