Lender's Title Insurance

[Account Closed]

I'm working on completing Schedule C for a rental property I purchased last year. Unfortunately, I'm stuck on one very minor detail. Publication 551 clearly states on page 2 that the cost of owner's title insurance must be included in the basis of the property. It does not state how the lender's title insurance policy should be treated?

Does anybody know if the lender's title insurance policy is an expensable item or must it be amortized over the life of the loan?

Thank you in advance

Izzac