nagakota
New Member

Sale of commercial property reporting

We sold commercial property for which we received seller's statement.  I am being proactive to determine taxes payable.  The property has building, land, improvements.  I divided up sale proceeds and costs proportionally among each item.

There is amortization too - the cost of refinancing, title, etc.  Do we report 0 for sale and cost of sale for amortization? That is what I did.  How do I know that the balance of amortization was written off?  Schedule E is not showing it.

Why does amortization show up as an asset - we would never sell that..

Thanks in advance