Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Lumping Closing Costs???
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 :)