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Guarantee fee paid on purchase of rental

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    #1

    Guarantee fee paid on purchase of rental

    Client purchased a house to be a rental. On the closing statement is a "guarantee fee" to the Rurual Housing Development of $2898. I know on a personal residence you can take it all in the year of purchase. IS that the same as for a Rental property? Or should it be amortized over 7 years?
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    #2
    From what I can gather, this "guarantee fee" is not points. And is not deductible at all. Add to basis. See definition of such fees.

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