If I have to amortize points, where is it reported? Lacerte seems to be telling me to enter it as a depreciation item and it ends up on Sch A, subject to 2%? Does that sound right?
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found a different selection and it ends up on line 12 of sch A. also fills out part 6 of the depreciation schedule. Does that sound correct. Seems unnecessary to complete the depreciation schedule. -
This is exacltly what Drake does and it works; however it is not subject to the 2%Originally posted by skhyatt
It should not be subjected to the 2%.Everybody should pay his income tax with a smile. I tried it, but they wanted cashComment
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Points
Discount points (I assume are what you are talking about) are supposed to be ammoritized over the length of the mort. If the mort is refi-ed through a different bank or Mort Co the remaining points can be taken in the year of the refi. Proseries handles in the same way LaCerte does.Comment
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Does Proseries subject it to the 2% deduction.Originally posted by LawrenceGREverybody should pay his income tax with a smile. I tried it, but they wanted cashComment
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No it adds it other mort int on the Sch A.Comment
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I found the correct place to enter the info in Lacerte. You can set it up as an "asset" and it will do the calculations for you, as in amortiz the points over the life of the loan. Have to select the correct form, in this case (Schedule A Points). It then carries the amount to line 12 of schedule A. And if a previous amortization of points was "paid off", there is a place to input that and it carries that to line 12 also. It does prepare 4562.Comment
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