This is about the refinance of a commercial rental property. I know how to enter the loan fees (such as loan origination fees, appraisal fees) to be amortized over the the life of the loan. But I am confused still about how to add the closing costs (such as recording fees, escrow fees, ALTA loan policy fees - fees that we pay to the title company), to the cost basis of the property. Since this is a refinance, there is already a cost basis history from the first year the property was acquired. Meanwhile, that basis is being depreciated, how do I add to that basis? The refinance is with a different lender. Do I expense any remaining closing costs from the original lender, and then add the new closing costs to the basis and start depreciating, how many years? I don't see where Turbo Tax is asking me these questions. I am using TurboTax Business for Partnerships, Corporations, LLCs. Please help.
