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sulligras
New Member

I'm using TT Business for a multimember LLC. with 1 rental property. Where do I enter the info for costs of refinancing of the mortgage?

I have been working on this for days but cannot find anywhere that the program asks a question about refinancing.  The only answers I can find refer to a personal home but this is a rental unit owned my multi member LLC.
1 Reply
PatriciaV
Expert Alumni

I'm using TT Business for a multimember LLC. with 1 rental property. Where do I enter the info for costs of refinancing of the mortgage?

Refinancing expenses are intangible assets that are amortized over the life of the loan.

To record this asset in TurboTax Business, go to Deductions >> Rental Real Estate Expenses >> Assets

  1. Click Start/Update and add a new asset. Choose Intangibles, enter a description, amount, and date. 
  2. TurboTax will ask you to choose a Code Section for this asset from the drop-down list (Loan Fees are code 163). 
  3. You'll then be asked for the life of the asset - enter the term of the refinanced mortgage. 
  4. TurboTax will confirm the amount of amortization for the current year. Click the "Show Details" box to see the underlying numbers for the calculations. 
  5. Continue to the end of the section to save your entries.
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