Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
davidtmichael
New Member

How do I retire points for a mortgage on a rental property I paid off?

 
3 Replies
AmyC
Employee Tax Expert

How do I retire points for a mortgage on a rental property I paid off?

You did not sell the house, you simply paid it off. The points should have been tied to the mortgage for the same length of time. Unless you paid it off early. In which case, follow below, dispose of the points.

 

When you are going through the assets and depreciation screens, you will need to mark each item, points in your case, as disposed of with the sale/disposal date of the payoff.

 

[Edited 01/28/20 | 7:36pm PST]

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
davidtmichael
New Member

How do I retire points for a mortgage on a rental property I paid off?

I did that.  And then it asks what date I retired the asset.  I entered that date.  Turbo Tax is then asks if special handling is required.  In my case the answer is no.  Next screen asks for sales price and sales expenses.  Both $0.   Turbo Tax the says that I have a loss instead of taking all of the remaining dollars as depreciation.

AmyC
Employee Tax Expert

How do I retire points for a mortgage on a rental property I paid off?

Sorry! You did not sell the house so putting in the zero's made the program think you sold the house at a loss. Leave it blank and just continue through the program.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v