Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Expenses old refininancing fees when rental owner refinances again

kindracpa
Level 3

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?

 

0 Cheers
2 Comments 2
Just-Lisa-Now-
Level 15
Level 15
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.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobKamman
Level 15

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.  

0 Cheers