I refi my rental prop in 2010 and began depreciating closing costs,. I refi the same prop in 2016 with the same lender. Can I expense the unused depre from the 2010 refi?

it appears that the depreciation from the earlier refi is still being depreciated by TT, in addition to the depreciation from the 2016 refi. The refi was with the same lender. Can I expense the unused depreciation from the first refinance?

PaulaM
Expert Alumni

Investors & landlords

Yes you can take a deduction for the remaining unamortized balance of your original refinance costs. These costs should be listed as an Intangible under your property asset section.

Dispose of the prior intangible asset in the asset section and indicate the date it was 'retired'. This should accelerate the remaining unamortized balance for this year.

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