Hello,
I have a rental property that had points paid when I refinanced in 2013 which are being depreciated in Turbotax the last several years. I recently refinanced again in 2020 and both are still showing up in depreciation.
I understand that difference between what was already depreciated from 2013 ($336) vs the total points ($1521) is what I am trying to now show as an "other expense" per the instruction in Turbo tax.
When I choose the button for "I refinanced the mortgage on this property, lets review," it give me a chance to enter the new mortgage info which I have done. I then get a button for "I have prior finance fees, let's take care of this now" and when I click continue it takes me to a screen asking for misc expenses. I continue past that and it takes me back to the main Rental Summary.
What am I missing as something isn't working correctly with what should be an interview that would ask me questions, I answer them, and then voila... the balance to be depreciated in the system for my old loans (to a new bank) becomes an expense and the new loan is what is depreciated the next 30 years.
Please help.
Thanks
