Can closing costs on the sale of rental property like local taxes, transfer fees paid by the seller for the buyer to close the sale, be deducted against the sale price?

@maglib Thanks. Just to clarify...by "if it was a gain" you mean if FV at time of conversion had been greater than original cost basis?

Also, @maglib, I was curious if you know the answer to this. After my renters moved out I removed the property from the rental market at 6/30 in order to sell (sold 10/11). Between 6/30 and the sale date I paid property tax, mortgage interest, incurred costs for painting and repairs. I also paid property insurance premium in April that would have covered this period.Would any of these things be deductible as investment expenses or other Sch A deductions? I know you can't put them on Sch E.