The fees can be deducted over the life of the new mortgage and are considered intangible. This follows code section 163. Follow these steps:
- Return to your rental property
- Edit/Update
- Scroll down to Assets/Depreciation
- Edit/Update
- Do you want to go directly to your asset summary?
- Yes, continue
- Click the blue Add an Asset button
- Select Intangibles, Other Property, continue
- Tell us more, categorize as Amortizable intangible, continue
- Enter description and expenses, continue
- I purchased it new
- Enter the date of the refinance, continue
- Select a code section, 163, continue
- Recovery period, enter the number of years of the new mortgage, continue
- Continue, continue
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