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How to enter closing cost deductions for rental property

I purchased a rental in April, In Property Proflle, I was able enter info. this created the Asses/Depreciation of property.
Where do I enter the Expense for Closing cost?
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How to enter closing cost deductions for rental property

Settlement fees and closing costs for buying the property become additions to your basis in the property. These include abstract fees, charges for installing utility services, legal fees, recording fees, surveys, transfer taxes, title insurance, and any amounts the seller owes that you agree to pay (back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions).

 

Costs that are basis adjustments can be part of your yearly depreciation deduction for the rental property.

 

 

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Highlighted
Expert Alumni

How to enter closing cost deductions for rental property

Settlement fees and closing costs for buying the property become additions to your basis in the property. These include abstract fees, charges for installing utility services, legal fees, recording fees, surveys, transfer taxes, title insurance, and any amounts the seller owes that you agree to pay (back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions).

 

Costs that are basis adjustments can be part of your yearly depreciation deduction for the rental property.

 

 

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

View solution in original post