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Updated almost 4 years ago,
How to Account for Closing Costs?
I just bought my first rental house, and I am not sure how to account for expenses for first year accounting. I understand how expenses are calculated for 2nd year. I have been researching and have read mixed results. Not sure if these are depreciated or amortized over the life of the 30 year loan?
Specifically, how do I account for the following:
-Lender Fees (flat rate/no points)
-Appraisal
-Title Company Fees & Title Policies
-Taxes and Government Fees
-City and County Taxes
-Wire Fees
-Initial funding of escrow account for taxes/insurance
Thanks!