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Returning Member
posted Oct 7, 2023 11:25:49 AM

How do I handle two intangibles when I sell rental property? They are loan costs that have been amortized and have been on my asset depreciation sheet.

TT tells me to see Tax Help for specific instructions but I could not find more help. It says "intangible not considered Sec 1245 property" which makes sense but no help on how to handle. 

0 2 1216
2 Replies
Level 15
Oct 7, 2023 12:26:54 PM

if they are fully amortized just delete them since you cannot sell loan costs. if not, you are entitled to a write-off  any unamortized balance. if Turbotax still insists on a sales price enter 0. with the item fully written off there is no gain or loss to report but Turbotax may show a zero gain on the 4797.

 

 

Returning Member
Oct 8, 2023 3:21:24 PM

Helpful but they are not fully amortized. How/where do I write off the balance?