Walt2
Level 1
 
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jeffmcpa2010
Level 11

Put in other expenses line 19 schedule E - Abandonment of Loan Fees upon sale, and for the amount put the unamortized balance.

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Just-Lisa-Now-
Level 15
Level 15
tis is what Ive always done, wasnt sure if it was technically correct...youd think by putting in a disposal date on the asset entry worksheet, the software would do it for us!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Walt2
Level 1

Thank you!

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jeffmcpa2010
Level 11

I'm with you Lisa.

If I have something I can do easy and quick and it gets me to the correct, defensible answer, I just do it. If we spend a half hour looking around for the "Right Way" everytime something a little strange comes up, we'd never get done.

I figure if the way I do it doesn't artificially alter the tax in the end, I'm doing something and moving on.