Yes. Per IRSPublication 527, Chapter 2, page 7: The following settlement fees and closing costs forbuying the property are part of your basis in thepropertyAbstract fees.Charges for installing utility services.Legal fees.Recording fees.Surveys.Transfer taxes.Title insurance.Any amounts the seller owes that youagree to pay, such as back taxes or interest, recording or mortgage fees, chargesfor improvements or repairs, and salescommissions. Related information: I sold my rental property. How do I report that?

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txhomeventures

Level 2

Solved

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?

Forum|Forum|7 years ago
June 1, 2019
2 replies
39 views

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TurboTax Home & Biz Windows

Best answer by

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:

I sold my rental property. How do I report that?

Anonymous

Answer

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:

I sold my rental property. How do I report that?

DJBoop

Level 2

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?