Amortization for Rental Property

[Leetpurple]

My client refinanced a rental property on December 24, 2020  and sold the property on March 24, 2021.  I know that amortization of closing costs  for a rental property must be amortized over 30 years, but I am trying to find out if we can take the entire amount in 2020 or split it between 2020 and 2021 instead of over 30 years? I've researched as much as I can and have not found an answer.  Thanks in advance for any help.

[Accountant-Man]

Since the refi costs were paid in 2020, you can amortize for 7 days in 2020.

You can write off the balance in 2021 since the property was sold in 2021.

[Leetpurple · Accepted solution]

Thank you so much for your response, which makes perfect sense.  I very much appreciate your direction.