Walt2
Level 1
04-13-2021
02:14 PM
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Best Answer Click here
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jeffmcpa2010
Level 11
04-13-2021
04:10 PM
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Put in other expenses line 19 schedule E - Abandonment of Loan Fees upon sale, and for the amount put the unamortized balance.
Level 15
04-13-2021
04:22 PM
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tis is what Ive always done, wasnt sure if it was technically correct...youd think by putting in a disposal date on the asset entry worksheet, the software would do it for us!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Walt2
Level 1
04-13-2021
04:32 PM
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Thank you!
jeffmcpa2010
Level 11
04-13-2021
04:45 PM
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I'm with you Lisa.
If I have something I can do easy and quick and it gets me to the correct, defensible answer, I just do it. If we spend a half hour looking around for the "Right Way" everytime something a little strange comes up, we'd never get done.
I figure if the way I do it doesn't artificially alter the tax in the end, I'm doing something and moving on.