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Assuming this purchase was for your primary residence or a 2nd home and not any type of business property (such as rental property).
Those costs associated with acquisition of the loan are flat out not claimed anywhere on your tax return. Examples would include loan application fees and appraisal fees if an appraisal was required as a condition of loan approval.
The following are not reported anywhere on your taxes.
For what you provided, that would include:
everything from #5 through #12. the others are non-deductible personal expenses.
@Yoyoguy I would also exclude #7 and #12 - those relate to a mortgage and can not be part of the basis.
So, 5,6,8,,9,10, 11 can be part of the basis.
#1-#4 are also relatead to the mortgage which is why they are excluded,
Assuming this purchase was for your primary residence or a 2nd home and not any type of business property (such as rental property).
Those costs associated with acquisition of the loan are flat out not claimed anywhere on your tax return. Examples would include loan application fees and appraisal fees if an appraisal was required as a condition of loan approval.
The following are not reported anywhere on your taxes.
For what you provided, that would include:
Thank you all. I also got lender credit from bank. Would that credit affect tax basis while I claim the above?
@Yoyoguy - see your other post; I answered it there
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