How to calculate cost basis of a new rental property?

[csdl2024]

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  include appraisal fee, originaation fee, escrow fee, and notrary service, and etc. 

[DoninGA]

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

[csdl2024]

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 ? 

[DoninGA]

---

@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.

[rjs]

@csdl2024 

You cannot use TurboTax to prepare tax returns for clients. TurboTax is only for do-it-yourself consumer use and cannot be used by paid preparers. Intuit (the company that makes TurboTax) has three tax software product lines for professional preparers: ProSeries, Lacerte, and ProConnect. You can find information about all three product lines at the following link.

Professional tax software for preparers