Are wire transfer fees deductible?

4 Replies

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?

Ahh interesting, OK, thank you @Brandon Hall and @Linda Weygant .  So really the only stuff that's going to go in to my Income & Expense tracking spreadsheet will be those true monthly expenses.

So now the question, as a new buy and hold investor, how do I go about starting to track my cost basis?  Is there a spreadsheet I can use?  Any pointers on where I can start reading up more on that?  (I'm going to start trolling the blog and forums for reading material)

Since I am buying this property 'turnkey' and all major repairs should be completed prior to purchase (ie included in purchase price), I believe my cost basis should be fairly easy to calculate, right?  Is the cost basis a one-time calculation, or does that change if a make a capital improvement down the road (such as replacing HVAC in 5 years or something)?

Hi Kevin! Depreciation deductions subtract from your basis over time. Did you find a good program? Right now I use an accountant to keep track of all this, but having my own software would help.

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