turbotax icon
turbotax icon
turbotax icon
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I sold a rental property in 2018 that I owned for 12 years. Can I use closing costs from the purchase and the sale to adjust my basis?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
HelenaC
New Member

I sold a rental property in 2018 that I owned for 12 years. Can I use closing costs from the purchase and the sale to adjust my basis?

Yes. Per IRS Publication 527, Chapter 2, page 7: The following settlement fees and closing costs for buying the property are part of your basis in the property

  • Abstract fees.
  • Charges for installing utility services.
  • Legal fees.
  • Recording fees.
  • Surveys.
  • Transfer taxes.
  • Title insurance.
  • Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions.

Related information:

View solution in original post

2 Replies
HelenaC
New Member

I sold a rental property in 2018 that I owned for 12 years. Can I use closing costs from the purchase and the sale to adjust my basis?

Yes. Per IRS Publication 527, Chapter 2, page 7: The following settlement fees and closing costs for buying the property are part of your basis in the property

  • Abstract fees.
  • Charges for installing utility services.
  • Legal fees.
  • Recording fees.
  • Surveys.
  • Transfer taxes.
  • Title insurance.
  • Any amounts the seller owes that you agree to pay, such as back taxes or interest, recording or mortgage fees, charges for improvements or repairs, and sales commissions.

Related information:

DJBoop
Returning Member

I sold a rental property in 2018 that I owned for 12 years. Can I use closing costs from the purchase and the sale to adjust my basis?

What about closing costs when SELLING. I know its supposed to end up as part of From 4797,2f, but where do I add it in Turbo tax so that it ends up there?

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies