I just bought my 1st rental property last year and need some help with what costs to file for tax return.
Turbo Tax asking to escrow fees for following categories:
Abstract and recording fees
Legal fees, title search, document preparation
transfer or stamp taxes
expenses you paid for the seller
These are the expenses on the closing summary:
bank attorney fee
flood certification fee
title insurance (mortgage)
title insurance (owner)
credit report fee
which categories will the fees on the closing summary fall into? And will I enter other fees under expenses (loan application fee, credit report fee)?
Thanks in advance for all the help!
Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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