Posted by Jeff on March 08, 2003 at 16:01:45:
John,
More of an accounting question here…I bought your KISS guide to Bookeeping (which I haven’t received a Login for the forum for) and I have a question concerning Closing Costs.
When you pay closing costs on a rental property you buy, are you allowed to expense the entire amount immediately against income gained from that point on, or do you have to amortize the costs? If so, is that all closing costs, or just points and fees? Also, what amortization schedule do you use, or does the lender just give you a Form that delineates what portion of your closing costs is reportable as tax-deductable?
Thanks, looking forward to receiving my KISS login…
Jeff Sullivan