Writing off lender costs

[pbmunkey]

I bought a home for Airbnb in 2024. Upon filing a schedule E, the initial questionnaire allows me to enter the escrow costs, title costs, etc but I'm not sure where to enter the Lender's costs. I was charged 1% origination fee and an underwriting fee. Where should I put those?

[DianeW777]

The loan origination fee is the same as points. This can be amortized over the life of the loan for rentals.  The underwriting fee is an expense of getting the loan.

• Can I deduct mortgage points? (See Rental Property at the bottom)

1. Sign into your TurboTax Account > Search (upper right) > Type rentals > Press enter > Click on the Jump to .... Link
2. Edit beside the rental you want to work on > Scroll to Assets > Edit
3. Add an asset
4. Add or Edit the asset for the loan origination costs > Select Intangibles, Other Property > Continue
5. Select Amortizable intangibles > Continue > Enter the details about your costs including the refinance date
6. Continue > Select the Code Section 163 for loan fees > Enter the useful life (number of months of the loan)
7. The final screen will show the deduction.