i'll skip the needless detail
1) prorations the net expense goes to schedule E
2) loan charges
a) interest expense to schedule E
b) points are capitalized and amortized over the life of the mortgage
c) Howoners insurance - looks like annual insurance on the property - expense to schedule E
d) other items - capital cost that add to the tax basis of the property
3) other loan charges
a) all same as 3d
4) impounds
a) ignore - these are escrow a/c adjustments. Monies put in are not deductible. When monies are taken out to pay taxes and insurance the amounts paid out are deductible at that point
5) Title charges
a) settlement agent - sane as 3d
b) lender premium - not completely sure but this looks like the annual mortgage insurance - if so, expense to schedule E -
you can add the capital costs above directly to the purchase price and then allocate between building and land
Escrow fees are part of the closing costs that buyers and sellers pay when completing a real estate transaction. Escrow fees are paid to the escrow company, title company, or attorney who handles the closing and distributes funds to third parties involved in the sale. Escrow fees cover the cost of the escrow agent or attorney, the distribution of funds, paperwork, mortgage origination fee, and other fees that are part of the real estate transaction.
The designation doesn't matter because for rental properties they add to the tax basis. If this was a purchase of a personal residence certain items would be neither deductible nor add to tax basis -.They would be a personal expense
