Closing Statement Tax Handle

[Zhenyang Jin]

When using Quickbook online to handle property purchase or loan refinance, I created the following accounts to handle two major set of cost:

For Cost Set 1: Title related like title transfer tax, etc. They are depreicated in 27.5 years

                                         Account Name                                   Account Type                      Detail Type

Parent Account:             Closing Cost;                                      Fixed Assets;                        Buildings

Sub Account:                    - Original Cost;                                 Fixed Assets;                        Buildings

Sub Account:                   - Accumulated Depreciation;          Fixed Assets;                       Accumulated Depreciation

For Cost Set 2: Loan related like points, etc. They are amortizated in 30 years

                                        Account Name                                    Account Type                      Detail Type

Parent Account:           Loan Cost;                                           Fixed Asset;                      Intangible Assets

Sub Account:                    - Original Cost;                               Fixed Assets;                         Intangible Assets

Sub Account:                    - Accumulated Amortization;      Fixed Assets;                         Accumulated Amortization

Does this handling make sense?

If I did the purchase and refinance in the same fiscal year, does it mean there are four assets need to be created totally for purhcase and refinance?

Regards, Clark Jin