Commercial Term Loan and Schedule E - Mulitple properties

[Carl Hebert]

We refinanced last year (2020) and acquired a commercial term loan that grouped all our properties into one loan. 

Question is when we do our schedule e for taxes, can we list as one loan or do we have to break it down into each property?

Using Turbotax. 

Trying to claim the costs associated with getting the loan, ie closing costs etc.

[Ashish Acharya]

Originally posted by @Carl Hebert:

We refinanced last year (2020) and acquired a commercial term loan that grouped all our properties into one loan. 

Question is when we do our schedule e for taxes, can we list as one loan or do we have to break it down into each property?

Using Turbotax. 

Trying to claim the costs associated with getting the loan, ie closing costs etc.

You don't get to deduct those loan costs the same year. You need to amortize it over the term of the loan. You can allocate the cost to each asset based on the FMV or historical cost or other reasonable method.