Refinancing costs and points not fully deducted on Sale of Rental Property

Forum|Forum|1 year ago
April 12, 2025
3 replies
9 views

A client sold rental properties this year. He had refinanced and had refinancing costs that were added to the basis and amortizable points. I added those at the time as assets associated (with the property. I added the property disposition date (actually for the refinancing fees I got an error when I input the disposition date) but the unamortized costs are not coming through as additional expenses and the basis addition of the refinancing costs are not showing on the gain/loss calculation. What am I doing wrong?

ProSeries Basic

This topic has been closed for replies.

T

TaxGuyBill

Level 15

I would just manually enter the un-amortized points as a deduction.

I'm tired, so maybe I'm just not thinking of things correctly, but why would the refinancing costs be added to Basis?

BobKamman

Level 15

@TaxGuyBill wrote:

I would just manually enter the un-amortized points as a deduction.

I'm tired, so maybe I'm just not thinking of things correctly, but why would the refinancing costs be added to Basis?

For that matter, why would the points be added to basis? They're a deduction that should show up on the final Schedule E.

rbynaker

Level 13

Maybe there's a "right way" to get the software to do it but I've always just put them in manually as other expenses.

Just-Lisa-Now-

Intuit Community Champion

You'd think that by adding a disposition date the program would do it automatically but it doesn't, Sch A does it when you check the box to deduct the remaining points, so the program DOES have the ability!.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Sign up

Login with SSO

Let's get you signed in

Login with SSO

Scanning file for viruses.

This file cannot be downloaded