Closing Costs?

Aug 04, 2009 in Commercial Mortgage FAQ

What is the proper tax & GAAP treatment for legal & documentation fees on a refinanced mortgage?
Expense?
Amortize over life of loan?
Treat it as Commercial property?

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2 comments

Harry on August 4, 2009 at 5:03 am

(Not a financial or Legal advise)

IMO Expense

If you refinance you will incur them all over. So makes no sense to amortize it over the loan
Tanya E on August 4, 2009 at 5:03 am

If it’s on personal residence – neither.
Points are amortized, not closing costs.

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