However, I am still uncertain about where Turbo Tax is entering the new closing cost fees for my refinance.
Since this is a refinance, there are no closing costs associated with acquisition of the property. Not a single penny. So there's nothing from those costs to add to the cost basis.
The program "should" have set up your closing costs associated with acquisition of the loan as an amortized asset in the assets/depreciation section. At least, that's what I would expect. But for unknown reasons that doesn't seem to always happen. I can only guess those entries go to la-la land. That's why I provided guidance on entering amortized loan costs manually.
Now if you want, you can print out everything once the return is completed in it's entirety so you can see all the calculation forms and worksheets, and then "follow the money" from there. I myself am not willing to do all that on my end for numerous reasons, including the fact that I don't have a refi of any of my rental properties for quite a number of years now.
