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Closing Costs - Tax Question (with a twist)
Cannot find the precise question in the forum so, I will throw it out there. When we closed this year on a long term rental property (after rehab) we bundled the closing costs into the loan. Since the closing costs were not out of pocket, how is this handled from an accounting/tax perspective? Also, part of the closing costs include property tax payment. So, we are looking for feedback, thoughts and learnings from the forum - and of course we are consulting a CPA.