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ngr3000
New Member

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

 
1 Best answer

Accepted Solutions
Critter
Level 15

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

Ok ... If this is for a rental property then you needed to choose the correct section on this screen : 

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7 Replies
Critter
Level 15

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

What ?   Closing costs are added to the cost basis of the property when you place it into service.  Why are you trying to enter them now separately ?
ngr3000
New Member

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

I used the wrong term. I'm trying to amortize them and not depreciate.
Critter
Level 15

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

Did you refinance the loan ?   Is that what you are calling closing costs ?  
ngr3000
New Member

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

yes
Critter
Level 15

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

Ok ... If this is for a rental property then you needed to choose the correct section on this screen : 

ngr3000
New Member

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

That is what I selected. I defined the life as 15 year but could not set the method to 150% DDB
Critter
Level 15

How do I modify the amortization method from SL to 150% double declining balance on TurboTax?

The Default for amortization is deducted ratably over 15 years(180 months).. you cannot choose 150%DB ... the program will do this automatically ... review the depreciation worksheet.
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