Setting up your accounting after purchasing a personal property

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This is for a personal residence and not for a rental property

There are many different types of fees and charges a home buyer must pay to get a loan and complete the purchase. For tax purposes, these expenses fall into three categories:

  • deductible expenses
  • expenses added to the home's tax basis, and
  • nondeductible expenses.

https://www.nolo.com/legal-encyclopedia/home-purchase-costs-you-cant-deduct-add-tax-basis.html

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  • 27 days ago by vince