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I sold my rental property last year, and was able to enter all of my basis adjustments in the Asset Summary except the legal fees I incurred to buy out my half partner. I don't see an Asset type in Turbo Tax that seems appropriate, but the IRS publication on rental property sales says I can include these as part of my adjusted basis. Where do I enter these?
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All basis adjustments are done in the same way.
Items added to basis.
You can include in your basis the settlement fees and closing costs you paid for buying your home. A fee is for buying the home if you would have had to pay it even if you paid cash for the home. The following are some of the settlement fees and closing costs that you can include in the original basis of your home.
Seller closing costs are made up of several expenses. Here’s a quick breakdown of potential costs and fees:
Yes, you would attach it to the real property, since that is what the fee is based on. It is not a separate thing. You even quoted the IRS' stance on this, " IRS publication on rental property sales says I can include these as part of my adjusted basis".
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