Refinancing expenses are intangible assets that are amortized over the life of the loan.
To record this asset in TurboTax Business, go to Deductions >> Rental Real Estate Expenses >> Assets.
- Click Start/Update and add a new asset. Choose Intangibles, enter a description, amount, and date.
- TurboTax will ask you to choose a Code Section for this asset from the drop-down list (Loan Fees are code 163).
- You'll then be asked for the life of the asset - enter the term of the refinanced mortgage.
- TurboTax will confirm the amount of amortization for the current year. Click the "Show Details" box to see the underlying numbers for the calculations.
- Continue to the end of the section to save your entries.
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