HELP!!! accident to choose NO when asking "did you refinance" for my rental property, now there is NO option to add/change that

[alex2036]

Hi, I am working on 2020 Tax, and I accidently choose NO when it asked me "did you refinance" for the rental property.

Now, I cannot change my selection to make it  YES to "refinance" so I can enter the cost of refinance, because it is not showing for me to enter.

I follow someone instruction to "Review Your [address] Rental Summary," but I only see "Done With Rental Property"

I do NOT see "update" 

Is there a bug in software of year 2020 or is there another way to change "refinance" option from NO to YES

UPDATE:

I have tried to delete the old rental property and add it back and I still do not see the "refinance" option.

Is this a bug?

If any TurboTax employee sees this, please fix it or help and direct me to where to add my $2000 closing costs from refinance (e.g. loan origination fee, credit report fee, tax service fee, title fee and title insurance fee etc.)

[hbl3973]

alex2036,

It sure appears to be a bug, but don't panic (yet).  You don't indicate whether you are doing your taxes online or via a desktop download.  With the former, you can use the Tools option on the sidebar to bring up forms to edit or delete.  With the latter, you just click on the Forms option.  Look for Schedule E and any associated worksheets and try to make the change(s) there.  If you aren't allowed to edit, then delete the form(s) and restart your rental property.

Sorry I'm not on my computer with TurboTax, but I'm still resting in bed after surgery a few days back.

[alex2036]

Hi, thank you very much for the reply.

Yes, I am using  installed TurboTax Premier (Window version) on my desktop.

I do have the option to Forms, but a) I cannot find the place to mark "refinance" nor perform a search on "refinance" or "closing cost."

I really don't want to delete the entire rental property, because I have leftover deprecation from last year, and don't know how to  re-enter it in.

I have download the 1040 schedule e, but I cannot find place to select "refinance," do you know how and where to put refinance closing cost on "form 1040 schedule e"? 

If so, is possible to pointe me to the specific Form and line number that will change it to "refinance"?

another option is just to add refinancing closing cost to "Expenses" under rental property, will it be ok for me to enter like this?

thank you very much

[AmyC]

If you look at your sch E form, you will see the IRS only wants the total of the interest. There is no refinance place on sch E but there is in the program. 

1. Return to your rental property, edit
2. Scroll down to rental expenses, edit
3. Walk me through everything, select
4. continue through passing your entered items, including mortgage interest, done
5. Other interest, continue
6. Did you refinance? Yes

In the mortgage interest section:

Enter the mortgage interest shown on Form(s) 1098 issued with your name and your Social Security number.

You may have more than one Form 1098, from different lenders, if you refinanced your first mortgage, or your mortgage was sold.

Include any interest from an equity loan or home equity line of credit (HELOC) secured on this property.

Points in the refinance section:

Charges paid by a borrower to get a mortgage.

Points are also called:

 - Loan origination fees
 - Maximum loan charges
 - Loan discount
 - Discount points

The borrower is considered the payer of the points when a seller pays for the borrower's mortgage.