Hi Tom, thanks for the answer, but I'm wondering if there is some confusion. I'm not talking about expensing/depreciating the proceeds from the refi, but the non-proceeds, increased amount I have now paid for the property. In other words, not including the cash out proceeds, I have paid an additional amount for the property. How do I expense that. For example, say I purchased a property for $100k, then refinanced at $110k and pulled out $5k cash. Can I depreciate the remaining $5k, which is now additional cost of the property, as a separate asset? Effectively, I have now paid $105k for that property.
