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Investors & landlords
The only two items I have for depreciation are the loan origination fee and the house, not the land.
Loan origination fees are not depreciated. They are "amortized" (not capitalized) and deducted (not depreciated) over the life of the loan. In the tax year you sell the property, whatever remains of your loan origination fees to be deducted, are fully deductible then.
Simply edit the property asset and select YES on the screen for "I stopped using this asset in 2020" and just work it through. Since you sold the property, on the "Special Handling Required?" screen, you must select NO.
March 11, 2021
5:28 PM