Hello, I bought a rental property in 2016 and the closing cost was $10K, including escrow prepayment as it is an impound loan. The seller paid $5K and I paid the other $5K. Seller's payment shows as "Seller's Credit" on the statement. However, it appears as total and does not specify which parts the "Seller's Credit" would apply to; I mean it does not say if "Seller's Credit" would cover mortgage interest, title charges, escrow prepayment, or something. I wonder how do I make deduction and depreciation in this case? Can I still deduct 100% origination charge, points, mortgage interests, etc., if the amount does not exceed $5K (what I paid)? How about depreciation, such as title charges?
