Re: How do I expense the remaining amortization of loan fees (points) on a rental property (Schedule E) in the year of sale??

TAXATION · ‎03-02-2022

How do I expense or handle the remaining amortization of loan fees (points) on a rental property (Schedule E) in the year of sale?

Especially when it was entered in an asset entry worksheet to amortize - (as an amortizable intangible)

Thanks

jeffmcpa2010 · ‎03-02-2022

I put something like

"Remaining loan fees at loan payoff"

on one of the other expense lines.

TAXATION · ‎03-02-2022

Where on the asset entry work sheet ? when it was entered in an asset entry worksheet to amortize - (as an amortizable intangible)

Just-Lisa-Now- · ‎03-02-2022

on the asset entry worksheet you should be able to put a date of disposal to stop the amortization, then put the remaining cost as Other Expenses on the Sch E worksheet as mentioned above.

Why the software cant do this for us like it can on Sch A when points are amortized and that loan gets paid off, I have no idea.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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TAXATION · ‎03-02-2022

thank you. Will try tomorrow

Accountant-Man · ‎03-02-2022

Change the life of the asset to one.

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