My client refinanced a rental property on December 24, 2020 and sold the property on March 24, 2021. I know that amortization of closing costs for a rental property must be amortized over 30 years, but I am trying to find out if we can take the entire amount in 2020 or split it between 2020 and 2021 instead of over 30 years? I've researched as much as I can and have not found an answer. Thanks in advance for any help.
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