IN Pub 551 and other places it says: 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.
Where do I enter, in TurboTax, the costs of getting a loan to be capitalized?
