kindracpa
Level 3
04-14-2022
07:51 AM
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I have a individual who owns rental properties. The refinancing expenses from his 2012 refinance are being amortized using an Asset Worksheet. He has now he refinanced in 2021 so I need to expense the remaining expenses from 2012. If I fill in the disposition date, meaning the new mortgage date, that does not do it. When I fill in sales price as zero that works, but it then I get an error when I indicate that the amortization was due to section 461. Any thoughts on what I am doing wrong?
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Just-Lisa-Now-
Level 15
04-14-2022
08:00 AM
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For some reason the program can do it on Sch A for amortized points, but not for Sch E....I just input the remaining points as Other Expenses on the Sch E worksheet.
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BobKamman
Level 15
04-14-2022
09:10 AM
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There's some rule that says if the refinance is with the same lender, you can't start over. I would do some research before concluding that what's sauce for the Schedule A goose is also sauce for the Schedule E gander.