The season hasn't started yet. and already my brain doesn't seem to be working. When rental real estate is sold (or foreclosed on), what happens to remaining balance of refinancing costs that were being amortized? Are they released as a current expense, added to basis, or neither?
Amortized refinance costs on sale of rental
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The season hasn't started yet. and already my brain doesn't seem to be working. When rental real estate is sold (or foreclosed on), what happens to remaining balance of refinancing costs that were being amortized? Are they released as a current expense, added to basis, or neither?
And that's the way I did it.ChEAr$,
Harlan Lunsford, EA n LA -
Usually right
I found this in getting my software (Drake) to calculate maximum SEP contribution and also in creating Form 4797 for an installment sale of a rent house. By entering it just right, the program got the correct results but initially I had entered in what I thought was a more straightforward way.Comment
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