Which of the following items (if any) from my original mortgage be added to the cost basis of my home (and under what TurboTax adustment heading would each be included):
Also can any items from a refinance also be added to an adjusted cost basis
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It’s important to note that there are some commonly found amounts on settlement statements that cannot be included in your Cost Basis:
Amounts placed in escrow for future payments (typically taxes and insurance)
Casualty insurance premiums.
Rent for occupancy of the property before closing.
Charges for utilities or other services related to occupancy of the property before closing.
Charges connected with getting a loan. The following are examples of these charges.
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.
I conclude that none of the items you listed add to the basis of your home
I was unsure as to what was items might be added to an adjusted cost basis as the following webpage indicated some expenses that appeared on my closing statement might be included:
https://support.taxslayer.com/hc/en-us/articles/[phone number removed]-What-is-a-HUD-1-Statement-
(i.e. Appraisal Fee, Lender's Inspection Fee ...)
I was unable to find a definitive list of the typical items on a closing statement and how they related to the TurboTax Adjusted Cost Basis headings.
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