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Tax deductions for refinance fees?
I refinanced a 4 unit non owner occupied rental/income property and paid both points and fees on the loan. Do I add the cost of both points and fees to the properties basis and deprecate it or can I right off one or the other as an expense for the year I paid it.
1 Answer
- 7 years agoFavorite Answer
Since refinancing did nothing to change the basis, I would add the fees to the interest line on the schedule E. Points are another matter. They are usually divided by the length of the mortgage and added every year to the interest paid.