Solved
After buying a rental property, what items from the HUD-1 settlement statement are deductible as Expenses in the year incurred? And what items must be Amortized over the life of the loan?
IRS Pub 527, Residential Rental Property, on page 7 (of 2014 edition) lists settlement fees/costs that Must be added to the basis of the new property; and which fees/costs Cannot be added to the basis. However, they don't say how to handle the latter category! So do we treat "non-basis" fees and costs as deductible Expenses in the year incurred? Or do we Amortize them over the life of the loan? If the latter, does TurboTax do this for us each year? Thanks much!
