What all is included inn abstract and recording fees?

[ReneeM7122]

According to this IRS FAQ, the recording and abstract fees are added to the cost basis.  

Question

I purchased a rental property last year. What closing costs can I deduct?

Answer

Generally, deductible closing costs are those for interest, certain mortgage points and deductible real estate taxes.

Many other settlement fees and closing costs for buying the property become additions to your basis in the property and part of your depreciation deduction, including:

• Abstract fees
• Charges for installing utility services
• Legal fees
• Recording fees
• Surveys
• Transfer taxes
• Title insurance
• Any amounts the seller owes that you agree to pay (such as back taxes or interest, recording or mortgage fees, sales commissions and charges for improvements or repairs).

Here is a TurboTax article about how to track your cost basis.

@bhwilkins

[heaton934]

I’m having the same problem you are. I have talked to a half dozen people from Turbo Tax about what needs to go on what line, so confusing. Basically I was told I would have to pay more to have someone from Turbo Tax with more experience that can look at my closing disclosure and help me figure out what to do.   
I thought these were professionals. I’m about to take them to someone that knows what they are doing.

[MarilynG1]

@heaton934 If you just purchased a home, there's not much you can deduct for taxes, unless you purchased a Rental Property. 

Real Estate Taxes and Mortgage Interest are the biggest ones. You should get a Form 1098 to report these in TurboTax.

If you look at your closing documents, there may be some extra real estate tax on them that is not included on Form 1098 that you paid at closing.

If you paid points to secure your loan, that will shown on your Form 1098 also.

Click this link for more info on Deducting Closing Costs. 

If you did buy a Rental Property, all the closing costs are added to the Cost Basis of the property when you set it up in the Rental section. 

[heaton934]

I did purchase a rental property,  I found  it very confusing. I’m assuming you can’t add any of the points, real estate taxes, insurance. There are numerous fees ect, so are you saying you can add everything on your closing disclosure?

[JohnB5677]

Closing costs that are not deductible include on your current tax return, (Often called Abstract and Recording Costs)

• Tax stamps,
• Attorney fees,
• Title insurance,
• Title search and
• Document preparation fees.
• However, those costs can be included in your cost basis when selling your home.

Only a few items can be deducted on your current taxes. The IRS denotes the following as deductible costs:

• Sales tax issued at closing
• Real estate taxes charged to you when you closed
• Mortgage interest paid when cost was settled
• Real estate taxes that were paid for by the mortgage lender
• The interest you paid at the house’s purchase
• Loan origination fees (a.k.a. “points”). These would be written as a percentage of the borrowed money.

[darcykl]

Finally. I was having the same issue. This was very helpful. Thank you!

[AmyC]

C8 notary fee would be a legal fee. That is an accepted and required expense. The rest of them just look like fees that would not be used. See Rental Expenses | Internal Revenue Service.

Side note- c3-I can't comprehend an email fee. 

@RichardMMMM

[RichardMMMM]

Thanks!

[TXcrude]

Unfortunately the Final Settlement Statement from the Title Company doesn't list the various fees and taxes as simple as TurboTax:

• Abstract and Recording Fees
• Legal Fees, Title Search, Document Preparation
• Land Surveys
• Title Insurance
• Transfer or Stamp Taxes
• Expenses Buyer Paid for the Seller

I have the following:
Application fee to mortgage company

1.013% (points)

Appraisal fee

Credit report

Attorney fee

Escrow fees

Messenger/Delivery fees

e-Recording fee

Tax certificate

Record deed to county clerk

Record deed to trust/mortgage

A bunch of line items like:

t-2/t-2r ltp simul w/otp (r-5a)-3210

T-1/T-1R OTP Simul w/ LTP (R-5a) 1200 to title company

....

presumably I can add up all the T's and combine as 'Title Insurance'

Unfortunately the title company and mortgage company were not much help and only referred me to the settlement statement.