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How do I enter mortgage points for my rental property purchase?
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Here's how your mortgage points for rental property:
1. Click Federal on the left-hand side menu.
2. Click Income & Expenses across the top.
3. Scroll down to Rentals, Royalties, and Farm and click Show more.
4. Click Start or Revisit by Rental Properties and Royalties (Sch E).
Continue through till you get to your Rental and Royalty Summary. Choose the property you'd like to add the points to.Click Start or Update by Assets/Depreciation. Continue through till you get to Your Property Assets. Click + Add an Asset.
Then, follow these instructions, by TurboTaxPaulaM:
Enter rental points as an Intangible Asset in the Asset/Depreciation section of your rental property. Enter the Points as a description, costs and the date. Enter the asst as 'new', then select code 163 from the drop down.
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