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Amortizing Points on a Rental Property
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je
Level 1
05-19-2020
02:31 PM
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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
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gary1861
Level 4
05-19-2020
03:35 PM
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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
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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.
