Yes, you should be able to expense the remaining amortization fees. I would follow the prescribed steps that are outlined in this Turbo Tax post written by view2.
- Go to your rental asset summary page. Go to the assets entry and select loan fees or whatever you label you named this entry.
- Continue through several screens to "Tell us About this Rental Asset" Mark you sold and then the date paid off in the drop down screen.
- Continue through several more screens to "Special Handling Required"
- Click the "YES" "Intangible asset not a 1245 property" is the reason.
- Depreciation Deduction Amount" then select "Transfer these fees for me to other Expenses" because the loan was paid off.
If you experience any issues, click on the hyperlink for the Turbo Tax post as there are plenty of helpful hints that mayny users shared in how they dealt with this entry.
@speedytoll
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