Most of the closing costs items except pro-rated county property taxes paid and the points paid will be capitalized and considered as cost basis for depreciation purposes.
You can deduct points paid and county property taxes as deduction.
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Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.
Certified Public Accountant (CPA)
CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..