Trying to fill out the adjusted cost basis easyguide from my '23 home sale and I have my original settlement statement but the fees are titled different than the form

The some of the fee names we had to pay in 2020 are different names than the adjusted cost basis easyguide. Do I include the Prepaid interest per day, the points from loan amount and where would I include the property taxes for 4 months at the time of purchase? Also, what does it mean by abstract and recording fees?

286

Expert Alumni

Feb 1, 2024 1:07:25 PM

The prepaid interest, points and property taxes cannot be added to the cost basis, as they are allowed as deductions against income reported on your tax return. The abstract and recording fees are allowed as additions to your basis. They have to do with recording legal ownership of the home.

Why sign in to the Community?

Trying to fill out the adjusted cost basis easyguide from my '23 home sale and I have my original settlement statement but the fees are titled different than the form