I have a closing statement with me with a purchase price of $2,100,000. but ends up as $2,126,464.86
Can I use take $2,126464.86 as a cost basis of the property which
Go to the IRS Publication 527, Residential Rental Property, on page 11 for settlement costs that can be included in the basis of the property - https://www.irs.gov/pub/irs-pdf/p527.pdf#page=11
Thanks for the post.
Based on the above table, is county property tax of $691.70, the only item, that can not be included in the cost basis ?
@csdl2024 wrote:
Thanks for the post.
Based on the above table, is county property tax of $691.70, the only item, that can not be included in the cost basis ?
If the taxes were not paid on behalf of the seller then you cannot include them in your basis.
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