Hi Collen - thanks for your prompt reply, but that approach raises 2 questions:
First, if the acquisition financing costs are included with the property cost and other closing costs, does that mean the acquisition financing costs end up getting amortized over 27.5 years like the rest of the acquisition costs, even if it's a 15 year mortgage?
Second, I understand that you can expense the unamortized portion of financing costs for a rental property loan when that loan is refinanced with a different lender. Does that mean that TurboTax will allow you to break out the acquisition financing costs that were bundled into the property basis for the year of acquisition so that you can expense them for the year the loan is refinanced?
Thanks,
Gary
