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TP paid off the mortgage of his rental property that still had 20 years of loan points being amortized. How do I get a current expense deduction for the remainder of the unamortized points without overriding the asset entry worksheet.
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Override total remaining points on the current years asset entry worksheet.
It will still go through with the override.
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That is what I was doing, but I did not want to override. Actually I was overriding current depreciation deduction. Thanks, your answer will give me the nudge to override.
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LOL It's good go confirm our steps with other's...
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Why do you need to override anything?
Option #1: Enter a sales price of $0. Won't that trigger the rest of it to be used this year?
Option #2: Delete the Asset Entry Worksheet and just enter the remaining amount as an expense.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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If I enter the sales price as zero then you have to enter a date and then it calculated on the 4797 which is not the desired result.
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I find Right Clicking my mouse on the field is the quickest and easiest. Been doing it since 1996.
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Yeah, I suspect entering $0 sales price will show up on 4797 rather than Schedule E, so entering as an expense is probably better.