entering loan refinance costs to amortize for a rental property

gn · ‎04-10-2021

Does anyone know how to enter the costs of a loan refinancing on a rental property on screen 22 in lacerte. Its a residential rental Schedule E asset. Is the Category in the drop down box Category 7-Miscellanous or 8-Amortization on screen 22 the input screen?

Also the mortgage is a 30 year mortgage how do I get a 30 year period I do not see it in the method drop down box. How can I get a 30 year period I'm guessing have to override this someplace but not sure where to do it on screen 22?

sjrcpa · ‎04-10-2021

It's 8 Amortization.

I think you enter 360 (for months) to get 30 years.

The more I know the more I don’t know.

gn · ‎04-10-2021

Thanks, but which box do i enter the months or years?

There seems to be a straight line option method 91 I guess if I put 30 years in the class life I can get a 30 year s/l amortization

George4Tacks · ‎04-11-2021

Here is how I would set up the costs on a 30 year loan

I wish the search feature worked on this site. The best I could find was https://proconnect.intuit.com/community/business-tax-credits-and-deductions/help/expensing-and-amort...

Answers are easy. Questions are hard!

Magnolua · ‎06-02-2021

I believe that this should not be am issue at all. On the contrary it is a pretty good thing.