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Where do I post refinance cost on rental property?

crgw2015
Level 1

Where on the rental property schedule E do I enter refinance costs fees?

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7 Replies 7
Just-Lisa-Now-
Level 15
Level 15

Enter them on an asset worksheet, Amortizable Intangibles Code L, I use IRC 446 (most loan fees), then scroll all the way down to the bottom of the worksheet and input the length of the loan.


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crgw2015
Level 1

Thank you for your answer.   I am going to try that.  I live in California.   Northern California.

My name is Cathy

Than you 

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Just-Lisa-Now-
Level 15
Level 15
Im in NorCal, Sonoma County!

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crgw2015
Level 1

Ok tried that.  On the rental property that the owner lived in gave him more of a refund.  On the rental property it showed up as more $ in depreciation.  I hope that is correct.  Hopefully I did it correct.

I live in Mendocino next door.

Thank you

Cathy

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abctax55
Level 15

And don't forget about the prior capitalized loan fees (if there were any, and if the refi is with a different lender...)

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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Just-Lisa-Now-
Level 15
Level 15
I wish PS had an easy one click option to expense those old ones!

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crgw2015
Level 1

Ok  refi was with a different lender

Thank you

Cathy

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