Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Disposition of amortized intangible loan origination costs

JinxyCat86
Level 1

The taxpayer's prior year rental depreciation schedule has roughly a $5K basis in intangible capitalized loan organization costs from a 1031 acquisition of said rental property that I believe is amortized under IRC 461. The property was sold and there appears to be no option for claiming a loss on the $5K intangible asset since IRC 461 doesn't qualify as Sec 1245 property. Is there any way around this to ensure the loss isn't omitted?

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here