turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

MythSash
Returning Member

Rental section is not asking about Points paid for a 2021 property purchase

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
MythSash
Returning Member

Rental section is not asking about Points paid for a 2021 property purchase

Under the Business section, under Rental, under Assets/Depreciation, it is expected to prompt for the Points paid when I purchased the Rental property in 2021.  However, I was not prompted anywhere to enter the Mortgage Points and other closing costs.

AmyC
Expert Alumni

Rental section is not asking about Points paid for a 2021 property purchase

The fees can be deducted over the life of the new mortgage and are considered intangible. This follows code section 163.  Follow these steps:

  1. Return to your rental property
  2. Edit/Update
  3. Scroll down to Assets/Depreciation
  4. Edit/Update
  5. Do you want to go directly to your asset summary?
  6. Yes, continue
  7. Click the blue Add an Asset button
  8. Select Intangibles, Other Property, continue
  9. Tell us more, categorize as Amortizable intangible, continue
  10. Enter description and expenses, continue
  11. purchased it new
  12. Enter the date of the refinance, continue
  13. Select a code section, 163, continue
  14. Recovery period, enter the number of years of the new mortgage, continue
  15. Continue, continue
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question