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Closing Cost Depreciation

Level 2

Hello, I want to depreciate loan closing costs for a rental property for a client and I am trying to clarify the depreciation category and depreciation method.   

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2 Replies 2
Level 15

Amortization - straight line over the life of the loan if they qualify for amortization.

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Level 11

I've always used section 446 for this but only because that's what someone told me to do. 🙂  It probably doesn't matter but I think you need to put a code section in the box (may depend on the software but it gets reported on the 4562 in the first year of amortization).