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Lee55
Returning Member

How do I handle two intangibles when I sell rental property? They are loan costs that have been amortized and have been on my asset depreciation sheet.

TT tells me to see Tax Help for specific instructions but I could not find more help. It says "intangible not considered Sec 1245 property" which makes sense but no help on how to handle. 
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2 Replies

How do I handle two intangibles when I sell rental property? They are loan costs that have been amortized and have been on my asset depreciation sheet.

if they are fully amortized just delete them since you cannot sell loan costs. if not, you are entitled to a write-off  any unamortized balance. if Turbotax still insists on a sales price enter 0. with the item fully written off there is no gain or loss to report but Turbotax may show a zero gain on the 4797.

 

 

Lee55
Returning Member

How do I handle two intangibles when I sell rental property? They are loan costs that have been amortized and have been on my asset depreciation sheet.

Helpful but they are not fully amortized. How/where do I write off the balance? 

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