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Updated almost 8 years ago on .
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Deducting Origination Costs on Line of Credit
Does anyone know how you would deduct the costs of obtaining a line of credit? For example, let's say I get a line of credit and I pay the following fees:
Attorney Fees: $500
Origination Fees: $750
Title Fees: $1,500
Could any of these fees be either deducted or capitalized when they're not associated with a specific rental property? If so, what would be the proper way to do it?
Thanks in advance.
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What are the funds used for? Or is a continuous line of credit?
Amortized out over the length of the line of credit. Or deducted over the time frame of the items purchased. For example if you purchase a property and it is depreciated over 27.5 years. You will amortize that cost over that term with the property.