How do I expense the remaining amortization of loan fees (points) on a rental property (Schedule E) in the year of sale??

[TAXATION]

How do I expense or handle the remaining amortization of loan fees (points) on a rental property (Schedule E) in the year of sale?

Especially when it was entered in an asset entry worksheet to amortize - (as an amortizable intangible)

Thanks

[jeffmcpa2010]

I put something like

"Remaining loan fees at loan payoff"

on one of the other expense lines.

[TAXATION]

Where on the asset entry work sheet ?  when it was entered in an asset entry worksheet to amortize - (as an amortizable intangible)

[Just-Lisa-Now- · Accepted solution]

on the asset entry worksheet you should be able to put a date of disposal to stop the amortization, then put the remaining cost as Other Expenses on the Sch E worksheet as mentioned above.

Why the software cant do this for us like it can on Sch A when points are amortized and that loan gets paid off, I have no idea.

[TAXATION]

thank you.   Will try tomorrow 

[Accountant-Man]

Change the life of the asset to one.