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

Forum|Forum|4 years ago
March 2, 2022
1 reply
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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

ProSeries Professional

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

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.

J

jeffmcpa2010

Level 10

I put something like

"Remaining loan fees at loan payoff"

on one of the other expense lines.

T

TAXATIONAuthor

Level 5

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-

Answer

Intuit Community Champion

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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