June 5, 2019 11:24 PM
No. The finance charges would be mortgage interest, points or loan origination fees which would have been deducted each year.
Items that would adjust the cost basis of a home purchase are shown below.
- The following Items on the settlement statement will be purchase expenses to the buyer reducing the taxable gain on the future sale (sales expenses to the seller). These same expenses will take place at the time of purchase and sale.
- Title charges,
- recording fees,
- transfer tax,
- AND real estate commissions.
- Points paid on the buyer’s behalf
- If there were any capital improvements to the property add those to the cost basis for a total adjusted basis.