I discovered a missing workflow on the Home & Business download 2021 Mac edition, under the section Business Income and expenses, whereby in some cases, the dialogue for "Did you refinance this property" does not come up at all. In my situation, I seem not to get this dialogue for properties that I own less than 100%. For the properties that 100% owned, the dialogue is there. As a result, I am unable to enter my refinance costs.
the missing dialogue is as shown below.
Btw, this question is intended for the developer team, but it is darn impossible to contact intuit support! Even for the paid versions. #sad!
If it is a rental property, the closing costs listed on your HUD-1--loan fees, title fees, and recording fees, etc. are capital expenses. You may amortize them over the life of the mortgage.
If you are not asked about Refinancing (which prompts TurboTax to add an asset), you can add the refinance costs yourself in the Asset/Depreciation section (for your ownership %).
Click this link for instructions on How to Enter Refi Costs as Asset.
I know that I could go and add the cost manually myself.
What I am reporting here is a bug in the software that would be nice if its fixed, such that it automatically prompts a user to enter such costs.
The prompt is there when property ownership is 100%, but not when it is anything but 100%.