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L
Lee55
October 7, 2023
Question

How do I handle two intangibles when I sell rental property? They are loan costs that have been amortized and have been on my asset depreciation sheet.

  • October 7, 2023
  • 1 reply
  • 0 views
TT tells me to see Tax Help for specific instructions but I could not find more help. It says "intangible not considered Sec 1245 property" which makes sense but no help on how to handle. 

1 reply

M
Mike9241
October 7, 2023

if they are fully amortized just delete them since you cannot sell loan costs. if not, you are entitled to a write-off  any unamortized balance. if Turbotax still insists on a sales price enter 0. with the item fully written off there is no gain or loss to report but Turbotax may show a zero gain on the 4797.

 

 

    L
    Lee55Author
    October 8, 2023

    Helpful but they are not fully amortized. How/where do I write off the balance? 

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