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Rental mortgage paid off.

Camp1040
Level 8

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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JRC
Level 5

Override total remaining points on the current years asset entry worksheet.

It will still go through with the override.

 

View solution in original post

8 Replies 8
JRC
Level 5

Override total remaining points on the current years asset entry worksheet.

It will still go through with the override.

 

View solution in original post

Camp1040
Level 8

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. 

JRC
Level 5

LOL  It's good go confirm our steps with other's...

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TaxGuyBill
Level 14

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.

Just-Lisa-Now-
Level 15
Level 15
I think I tried the 0 sales price before and it didnt do what I thought it would. I just delete the asset entry sheet and enter the remaining points as Other Expense

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
TaxGuyBill
Level 14

Yeah, I suspect entering $0 sales price will show up on 4797 rather than Schedule E, so entering as an expense is probably better.

Camp1040
Level 8

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.

JRC
Level 5

I find Right Clicking my mouse on the field is the quickest and easiest. Been doing it since 1996.