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Your adjusted cost basis is the total of everything you paid for the house - the original purchase price, fees and so on.
You do not deduct the expenses of sale, except mortgage interest and real estate taxes, but you can add the amounts to the cost (basis) of your property.
The following items are some of the settlement fees or closing costs you can include in the basis of your property when you purchased it and when you sold it.
See IRS Publication 551, Basis of Assets, page 2 and 3, Real Property, Settlement costs, for additional information that may apply to your particular situation.
Additional information:
Thanks, that is helpful a bit, but I'm still unclear as to which lines on my HUD1 correlate to those previous mention that I need to populate in turbo tax. Can you clarify?
The sections of the HUD1 that can be added to your basis if the cost is charged to the Seller are the following sections:
@ HelenC12 h@HelenC12 Provided the following list. I have added for you which section these costs might be located on the HUD1:
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