All Forum Posts by: Mallikarjun Murag
Mallikarjun Murag has started 2 posts and replied 3 times.
Post: Primary converted rental, closing costs(including refi's )
- San Jose, CA
- Posts 3
- Votes 2
@Ashish - thank you very much for your response!
Post: Primary converted rental, closing costs(including refi's )
- San Jose, CA
- Posts 3
- Votes 2
apologize for re-posting on this thread (as I couldn't find how to move my post to this thread) as this thread seems to have much broader pool for experts for their inputs,
I purchased my primary home in CA in 2004, refinanced it 4 times, latest refinance was in 2012. Converted this home to rental in 2017. Need help with adjusted cost basis of this home when converted to rental in 2017 for filing 2017 taxes.
With original purchase and subsequent refinances(4 total) there are typical closing costs, such as points, title, recording and other lender fees.
I've being doing taxes myself for my personal and other rental properties I own.
Here are my questions:
1) in addition to title, recording, what other escrow, title or loan related expenses from the original purchase in 2004 can be added to the cost basis adjustment?
2) which expenses, if any, from the refinances(3 times) I've done after initial purchase and before the latest refinance in 2012 can be added to the cost basis adjustment?
3) which expenses, if any, from the latest refinance in 2012 can be added to the cost basis or amortized?
Thank you very much in advance for your help!
Post: Primary converted rental, closing costs(including refi's )
- San Jose, CA
- Posts 3
- Votes 2
Hi Nicholas Aiola and all experts on this thread,
thank you all for your time and great inputs you provide to BP members!
I purchased my primary home in CA in 2004, refinanced it 4 times, latest refinance was in 2012. Converted this home to rental in 2017. Need help with adjusted cost basis of this home when converted to rental in 2017 for filing 2017 taxes.
With original purchase and subsequent refinances(4 total) there are typical closing costs, such as points, title, recording and other lender fees.
I've being doing taxes myself for my personal and other rental properties I own.
Here are my questions:
1) in addition to title, recording, what other escrow, title or loan related expenses from the original purchase in 2004 can be added to the cost basis adjustment?
2) which expenses, if any, from the refinances(3 times) I've done after initial purchase and before the latest refinance in 2012 can be added to the cost basis adjustment?
3) which expenses, if any, from the latest refinance in 2012 can be added to the cost basis or amortized?
Thank you very much in advance for your help!