Yes, you can amortize the loan origination fees. For more information see page 3, column 1 of Publication 551.
"The following items are some settlement fees and closing costs you can't include in the basis of the property.
1. Casualty insurance premiums.
2. Rent for occupancy of the property before closing.
3. Charges for utilities or other services related to occupancy of the property before closing.
4. Charges connected with getting a loan.
The following are examples of these charges.
a. Points (discount points, loan origination fees).
b. Mortgage insurance premiums.
c. Loan assumption fees.
d. Cost of a credit report.
e. Fees for an appraisal required by a lender.
5. Fees for refinancing a mortgage.
If these costs relate to business property, items (1) through (3) are deductible as business expenses. Items (4) and (5) must be capitalized as costs of getting a loan and can be deducted over the period of the loan."
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