Are wire transfer fees deductible?

[Kevin Trumbull]

Are wire transfer fees that were incurred with wiring earnest money and final down payment/closing costs to the escrow company deductible on my tax return?  If so, what category would that fall under on the Schedule E?

[Linda Weygant]

Wire fees along with many of the closing costs would be included in the basis of the property.  With a few exceptions, any costs associated with procuring an asset and bringing it into business use become part of the basis.