What closing costs are tax deductible for my rental property?

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If you just bought a rental property you need to check out this video for tax deductions found on your closing statement!
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EA Tax Resolutions Website: eataxresolutions.com/?...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).

Опубликовано:

14 июл 2024

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Комментарии : 10

@Crkins 5 лет назад

What a huge help! I have looked all over for this info. Great visual with the 3 colors! THANKS!!!

@eataxresolutions 5 лет назад

Your welcome! Glad I could help.

@brycet191 6 лет назад

Nice! Well explained! Thanks!

@eg1115 5 лет назад

appreciate the video walkthrough and explanation. Thank you.

@aurora571000 3 года назад

This is very helpful. I had not seen this explained before.

@orrd Год назад

This is technically what you should do, but in reality it's more detailed than most tax preparers actually get into when they calculate the basis. There's also a debate over whether you're supposed to actually only use a proportion of the closing costs based on the portion of the loan that pays for the building vs. the land. There is a wide difference between what you might arguably be supposed to do, and what EAs and CPAs really do in reality when it comes to this level of tax prep.

@andynguy4097 4 года назад

Thank-you for the video. For my rental, I paid $300 appraisal fee required by my lender separately before closing, 200 inspection before closing and the lender prepaid $500 for hazard insurance for 12months. Do I added everything to my basis or should I capitalize them over the life of the loan?

@miguelducasse 3 месяца назад

Can you deduct the down payment you put down on a rental 🏡?

@JoesWife1000 4 года назад

I would have liked more explanation. For instance, why are items paid for by the seller and expense (lines 108-110) while items paid for by the borrower are added to the basis? I listened to it several times and didn't understand.