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Updated almost 4 years ago,

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4
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0
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Andrew McAfee
  • Temple, TX
0
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4
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How to Account for Closing Costs?

Andrew McAfee
  • Temple, TX
Posted

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!

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