Should closing costs and broker fee be added to the cost of the property?

Md Ariful Islam

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Dr. Md Rushad Rahman

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When determining the cost to purchase the property to define the initial basis of the cost of the property, all fees spent to obtain the property will be part of the cost of the property. An investor should be able to deduct these costs on their tax return. To depreciate the property though, the building and the land need to be separated out and it is best to work with a CPA in dealing with what can be written off, and what must be capitalized/depreciated.

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