I purchased a vacation rental in 2023 and the loan had points. I went to amortize it by following the instructions:
Entered as intangibles, other property --> selected amortizable intangibles --> entered in the description, cost and date of the loan closed --> selected "I purchased this asset" --> clicked Yes I've always used this item 100% and entered the loan closing date again ---> selected code section 163: Loan fees --> entered the life of the loan 30
It then asks if I want to take a one time special deduction? I don't think that is accurate as I believe it has to be straight line. In any case, whether I select yes or no it calculates the expense this year as $0. What am I doing wrong??
