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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

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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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