Carl,
That makes sense, but at that point aren't ALL costs associated with closing a refi considered "loan costs" since you cannot get the loan without them, and therefore should be amortized over the duration of the loan (apart from expenses like interest, prepaids, etc.).
Specifically, how do you account for these things on a refi?
• Abstract fees (abstract of title fees).
• Legal fees (including title search and preparation of the sales contract and deed).
• Recording fees
• Surveys.
• Owner's title insurance.
Surely you must be able to either expense them, depreciate them or amortize them in some way, since this is a rental property and a business asset?
