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mkochins
Level 2

Where do I enter expenses in purchase of an investment property that are not added to the basis (e.g. Appraisal fee)?

Looking how to enter expenses involving purchase of an investment property such as Appraisal fee and fees related to the loan.

2 Replies
DawnC0
Intuit Alumni

Where do I enter expenses in purchase of an investment property that are not added to the basis (e.g. Appraisal fee)?

Some closing costs, including home appraisals, not deductible for primary residence home loans, become tax deductible as business expenses for investment properties.  When you buy an investment property, the following fees must be capitalized as costs of getting a loan and can be deducted over the period of the loan:

  •  Points (discount points, loan origination fees).
  •  Mortgage insurance premiums.
  •  Loan assumption fees.
  •  Cost of a credit report.
  •  Fees for an appraisal required by a lender.
  •  Fees for refinancing a mortgage.


mkochins1
New Member

Where do I enter expenses in purchase of an investment property that are not added to the basis (e.g. Appraisal fee)?

Shouldn't this expense get amortized over the life of the loan?

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