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C
CUSO
Level 4
March 18, 2021

Closing Cost Depreciation

  • March 18, 2021
  • 1 reply
  • 0 views

Hello, I want to depreciate loan closing costs for a rental property for a client and I am trying to clarify the depreciation category and depreciation method.   

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    March 18, 2021

    Amortization - straight line over the life of the loan if they qualify for amortization.

    The more I know the more I don’t know.
    rbynaker
    rbynaker
    Level 13
    March 18, 2021

    I've always used section 446 for this but only because that's what someone told me to do. 🙂  It probably doesn't matter but I think you need to put a code section in the box (may depend on the software but it gets reported on the 4562 in the first year of amortization).

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