@Carl I do appreciate your comment But I am Im not following your response in that you dont address that the program does not do automatic calculation of your unrealized gains and put them in the misc expenses section. That is what my replies are about. I want others to understand that may read this thread that the experience I am having is not the same as you explain.
But on your comments if I am folllowing it really doesnt matter what the asset is called. It matter's how the asset is categorized. The asset is entered as a Type L Amortizable Intangibles.
So again, following along with your instructions below and doing exactly as you suggest. there is no "Depreciation Deduction Amount" screen, After you click yes On the "Special Handling Required?" screen, it give you the deduction for the current year (which is the screen that I have attached again) It does not enter the unrealized gains automatically in the misc or other expenses as you suggest. . (It is categorized correctly and I indicated I sold (refinanced) the asset and I entered a date for the new loan as the sold date.)
DEDUCT FINANCING FEES OF OLD LOAN WHEN REFINANCING OR SELLING
In the Assets/Depreciation section for that rental property, elect to edit/update the entry for your points.
- On the "Review Information" screen click Continue.
- On the "Did you stop using this asset 2021?" screen, click YES.
- On the "Disposition Information" screen, in the disposition date box enter the date you closed on the new loan. Then click Continue.
- On the "Special Handling Required?" screen, click YES.
- On the "Depreciation Deduction Amount" screen, select Transfer These Fees For Me To Other Expenses. Then click Continue.
You'll see the remaining fees of the old loan to be deducted in the Rental Expenses section, very last screen of that section. The entry will start with "Unrealized Refinancing Fees...."
