Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Amortizing Points on a Rental Property
Amortizing Points on a Rental Property
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
je
Level 1
05-19-2020
02:31 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can anyone assist me in a situation where taxpayer refinanced rental property to purchase a second home and are amortizing points paid on original loan and on the refinance have new points. I am not sure how to handle this on Pro Series. Is there a way to expense the balance of the original points and then set up the new points to amortize over the life of the new loan
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
2 Comments 2
gary1861
Level 4
05-19-2020
03:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes, you override the current year amount for the unamortized balance of the paid off loan costs. I have never found any other way to handle this.
BobKamman
Level 15
05-20-2020
02:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I'm not sure you can deduct interest on a loan used to buy a second personal residence, unless it is secured by that residence.
It's not unusual for taxpayers to borrow against their personal home in order to buy rental property, and in those cases the interest is generally deductible as a rental expense. It is unusual for taxpayers to borrow against a rental property in order to buy a personal home, and I think that's because they later find out they just stepped in it.
