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Hello,

My husband and I purchased a rental property in August. How do we deduct all of the costs involved with the purchase? I understand the mortgage interest and property tax deductions, but are we able to deduct all of the fees involved (for example - appraisal fee, title fee, survey, etc.) Do the amounts get added to the cost basis of the house? Could we deduct them as professional fees? Any help would be much appreciated!

Thanks!

Monica

P.S. One more thing...how do I know how much of the value of the purchase price is land? On turbotax, it said land is not depreciable. How much do I subtract? Where could I find this out? Thanks!
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