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S
sffdib
Level 5
May 3, 2021
Question

Amortization Code Sections

  • May 3, 2021
  • 1 reply
  • 1 view

What is IRC section under which amortize the cost of intangible loan fees for rental property? Other software, just enter, amortization, 30 year, asset entry worksheet is stuck on the the code. I did search help on this form and all it came back is code 197

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
May 3, 2021

If you put the cursor in the IRC box on the asset entry worksheet and hit the yellow ? on the toolbar, it will give you a list of amortization codes.

You also need to scroll down the asset entry worksheet near the bottom and enter the length of the loan for it to compute.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    S
    sffdibAuthor
    Level 5
    May 3, 2021

    Thank you so much Lisa, the "?" did not work but the "right-mouse-click", "About IRC code section" worked. 

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      May 3, 2021
      FWIW I use 446 for loan fees
      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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