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Walt2
Level 2
April 13, 2021
Solved

Upon the sale of a residential rental, how do you dispose of an intangible asset like loan fees.

  • April 13, 2021
  • 1 reply
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Best answer by jeffmcpa2010

Put in other expenses line 19 schedule E - Abandonment of Loan Fees upon sale, and for the amount put the unamortized balance.

1 reply

J
jeffmcpa2010Answer
Level 10
April 13, 2021

Put in other expenses line 19 schedule E - Abandonment of Loan Fees upon sale, and for the amount put the unamortized balance.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    April 13, 2021
    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♥¸¸.•*¨*•♫♪
    J
    jeffmcpa2010
    Level 10
    April 13, 2021

    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.

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