Closing Costs & Rental Property Taxes!

[Jimmy Wen]

Hi all,

I have a few questions when filing taxes for my first rental property. From my closure statements, what shall I do to the following closing costs for my rental/investment property?

1. Appraisal fee - I know this is not tax-deductible, but should I add this as the basis of my rental property's value?

2. Inspection cost- I know this is not tax-deductible, but should I add this as the basis of my rental property's value?

3. Flood certification - should I record this under "land survey"?

4. Credit report fee, tax service fee, and MERS - can these be also added to the basis?

Thank you all!