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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?
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June 1, 2019
1:31 PM
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June 01, 2019
1:31 PM
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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:
June 1, 2019
1:31 PM
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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:
June 1, 2019
1:31 PM
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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?
October 15, 2020
9:15 AM
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