- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Earlier in the thread, this was posted:
TurboTax will help guide you along the way. Completing this is a three-step process:
1) Enter your new refinancing information as an amortizable intangible
2) Navigate to the Depreciation Section in Rentals and indicate you have retired ("disposed" of) the old refinance fees
3) Calculate the unused portion of the old refinance fees and enter them as an "Other Expense"
So, step 3 requires you to do the math and the entry into Other Expenses. The program doesn't know if you refinanced with the same lender or not - so you have to do the work. It sounds like that is what you did and is the correct method. Good job!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 8, 2023
3:47 PM