topic 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? in Investors & landlords

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?

txhomeventures — Sat, 01 Jun 2019 20:31:04 GMT

Yes. Per IRS Publication 527, Chapter 2, page 7: The foll...

HelenaC — Sat, 01 Jun 2019 20:31:07 GMT

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?

Re: Yes. Per IRS Publication 527, Chapter 2, page 7: The foll...

DJBoop — Thu, 15 Oct 2020 16:15:23 GMT

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?