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    entering loan refinance costs to amortize for a rental property

    gn
    Level 3

    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?

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    4 Comments 4
    sjrcpa
    Level 15

    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
    Level 3

    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  

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    George4Tacks
    Level 15

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

    Capture.JPG

    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
    Level 1

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

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