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
