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garystoyka
New Member

Where can I enter closing costs on a rental property i purchased? The categories provided by TurboTax do not provide all allowable deductions.

What about cost of appraisal and property inspection?
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Where can I enter closing costs on a rental property i purchased? The categories provided by TurboTax do not provide all allowable deductions.

They are a cost of acquiring the asset so needed to be either added to the purchase price in the beginning or added to one of the categories.  

I always added them to Land Survey (and made a note in my tax file) as to how I arrived at the cost of the asset.  

I will share that information about those categorizes as it would help to have some more listed and perhaps a Misc.area.  

View solution in original post

1 Reply
MichaelL1
Level 15

Where can I enter closing costs on a rental property i purchased? The categories provided by TurboTax do not provide all allowable deductions.

They are a cost of acquiring the asset so needed to be either added to the purchase price in the beginning or added to one of the categories.  

I always added them to Land Survey (and made a note in my tax file) as to how I arrived at the cost of the asset.  

I will share that information about those categorizes as it would help to have some more listed and perhaps a Misc.area.  

View solution in original post

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