I purchased a rental property last year. Can I write off the closing costs and inspection costs as business expenses?

[MichaelL1]

The cost of acquiring the property needs to be added to the purchase cost.

So for example, if you paid $100K for the home, and closing costs were $2K and fees paid outside of closing were $1K, you have a home for tax purposes that cost you $103K. 

This amount can then be listed in TurboTax on the rental and you will allocate some to building and some to land.

The part allocated to the building TurboTax will compute the depreciation on it when it is available to be rented, (not when actually rented) as it could be vacant and you still will get depreciation and other expenses in it. 

For more detail see below:

https://ttlc.intuit.com/replies/4209856