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Aaaah okay. Much thanks!
Hello,
One more question.
I have refinance loan cost that was listed as intangible asset and amortized. There is remaining $699 balance. Turbo Tax Deluxe showed that I can enter this as expense fees - do I enter this myself as an other expenses? Turbo Tax doesn't automatically transfer the balance?
Thanks,
Sally
Just to clarify, where are you entering the balance from and to where are you trying to enter it in?
So it depends ,if this is the final year of the loan balance then yes you can expense the remaining amortization costs.
Or if you refinanced the property with a different seller. Finally, if the 699 is equal or less than your annual amortization costs, you may expense this amount as well. If it's higher than 699, then you would have to enter the intangible asset and related amortization schedule.
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