Same Lender; Rental Property Refinance

[mr O_O]

If you refinanced your rental property with the same lender,  how would you go about deducting the points paid on the mortgage, the closing costs, and the fees from the old loan over the life of the new loan in TurboTax?

[AmyC]

The fees can be deducted over the life of the new mortgage and are considered intangible. This follows code section 163.  Follow these steps:

1. Return to your rental property
2. Edit/Update
3. Scroll down to Assets/Depreciation
4. Edit/Update
5. Do you want to go directly to your asset summary?
6. Yes, continue
7. Click the blue Add an Asset button
8. Select Intangibles, Other Property, continue
9. Tell us more, categorize as Amortizable intangible, continue
10. Enter description and expenses, continue
11. I purchased it new
12. Enter the date of the refinance, continue
13. Select a code section, 163, continue
14. Recovery period, enter the number of years of the new mortgage, continue
15. Continue, continue

[mr O_O]

What do you do with the old refinance fees in Assets/Depreciation for same lender; rental property refinance?

[KrisD15]

If you were spreading them over the life of the loan, you would take the remaining amount from the loan that was paid off in the year it was refinanced.