For amortization/depreciation purposes on a rental property for the year of acquisition, should you enter the property cost together with associated depreciable closing costs as one asset and then add a second intangible asset for the depreciable acquisition financing costs? That seems to make sense initially since the acquisition financing costs will have a different useful life (e.g., for a 15 year mortgage, it's 15 years) while the useful life of the rental property itself is set at 27.5 years. Also, if you end up refinancing the acquisition loan with a different lender a few years later, you could then retire that separate intangible asset that you set up for the acquisition financing costs and take the remaining unamortized portion of those costs as an expense in the year of refinancing without affecting the continued amortization of the property cost asset itself. Does that all sound correct?
