it appears that the depreciation from the earlier refi is still being depreciated by TT, in addition to the depreciation from the 2016 refi. The refi was with the same lender. Can I expense the unused depreciation from the first refinance?
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Yes you can take a deduction for the remaining unamortized balance of your original refinance costs. These costs should be listed as an Intangible under your property asset section.
Dispose of the prior intangible asset in the asset section and indicate the date it was 'retired'. This should accelerate the remaining unamortized balance for this year.
Yes you can take a deduction for the remaining unamortized balance of your original refinance costs. These costs should be listed as an Intangible under your property asset section.
Dispose of the prior intangible asset in the asset section and indicate the date it was 'retired'. This should accelerate the remaining unamortized balance for this year.
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