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Updated about 6 years ago on . Most recent reply presented by

User Stats

89
Posts
73
Votes
Connor Heim
  • College Station, TX
73
Votes |
89
Posts

Lumping Closing Costs???

Connor Heim
  • College Station, TX
Posted

Howdy friends!  in 2008 I purchased my first three properties -- boo yah!

For accounting, I have quickbooks self-employed (I was already using this for my FT freelance biz).    

I am trying to be very on top of my transactions for tax time, and wondered if lumping all "closing costs" for each transaction is sufficient for tax purposes, or if I need to separate each transaction (appraisal fee, credit report fee, third party processing, lawyer fees, survey fee, title search, title endorsements, Lender's title insurance, settlement fee, tax certificate, recording fees, transfer taxes...... etc, etc, etc... You get the picture).

For my most recent purchase these are about $5800.  Is there a reason I should list each item separately, or can I just enter "closing costs" into quickbooks?

Thanks!

Connor :)

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