Confusing advice on where to enter loan/closing costs for a STR
The advice is confusing in this regard.
All this is in regard to Turbotax. I'm trying to figure out where to enter the origination fees and closing costs for the loan I used to purchase the property.
Some say to enter this in "Property Profile", where you enter closing costs. Then it mainly becomes part of the cost basis and is depreciated over 27.5 years. But there is also a section in Expenses where you can enter refinance info, and then the costs get amortized with the loan. And when you refinance again, all the original closings costs can be deducted immediately.
Do I understand that correctly? So if I put it in Property Profile and it becomes part of the cost basis, what happens if I later refinance and have additional closing costs. Now I am depreciating one set of closing costs and amortizing the other.
Should I enter all my closing costs in the 'refinance' section so it gets amortized and if I refinance again I can deduct it immediately and start amortizing the additional expenses?
Or do I have to enter it in Property Profile and depreciate it, and if I refinance I just have to continue depreciating the original closing costs and amortize the new refinance costs?