Question
Title and Recording fees in Rental Property Basis
Hi all
TP has $8k of title, closing fees, survey fees etc. on a rental property he purchased.
I entered as an asset entry, selected type "L" ammort intangibles". Clicked on basis and added the entries into the drop down grid to total the $8k. Selected section 197 as the IRC ammort section which populates as a 15 year depreciation.
Is this accurate or is there a place for each of the items eg. title, homestead, closing etc.
Thanks again to the best forum to work with
Nolan
