Carl
Level 15

Investors & landlords

The $78 is this years deduction for the closing cost.

What you are calling closing costs, in some cases are only a part of that amortized expenses. Those amortized expenses were identified by you when you originally entered them in the year you purchased the property (or refinanced the property) as "SEC 163: Loan Fees". The program can only deal with what you initially entered in the Other Asset Type section that you originally identified to the program as "SEC 163: Loan Fees". That includes all loan acquisition costs such as pre-paid interest, which is sometimes referred to as "points".

Sometimes, points will only include pre-paid interest. But it can include other things too. It just depends on how the bank reported it to you on the closing statement, and how you entered that data when you originally entered the amortized asset.

Basically, as it sits now with what you've done, you're fine.