My apologies for the incorrect terminology.
The property was acquired in 2018 and, for simplicity, the rounded numbers are: purchase price of $400,000, non-financing closing costs of $5,000, and financing costs of $2,500 on a 30-year acquisition mortgage.
On my 2018 return, I included all those amounts in the basis for the property, so the total basis ended up at $407,500, which is the amount I entered into TurboTax for this asset that is being depreciated over the 27.5 year useful life of the asset.
It sounds like I should have excluded the $2,500 in financing costs and entered them as a separate intangible asset to be depreciated over the 30 year life of the mortgage. If I had, I could then have followed your steps now to expense the remaining $2,000 of financing costs.
So, given that I did not enter it that way originally, I'm wondering what it would take now to be able to expense the remaining amount of those financing costs.
Thanks,
Gary
