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Updated over 4 years ago on . Most recent reply

User Stats

309
Posts
213
Votes
Adam Christopher Zaleski
  • Investor
  • Pueblo West, CO
213
Votes |
309
Posts

Is my refinance tax deductible?

Adam Christopher Zaleski
  • Investor
  • Pueblo West, CO
Posted

I closed on a refinance for one of my rental properties last November. The re-fi was about $3249 in fees and another $831 in pre-paid interest. I got a 1098 form for my pre-paid interest. However, I still have another $3249 in closing costs. My assumption is that all $3249 + $831 is tax deductible.

Inspection: $700

Origination Fee: $1320

Closing fee/Title fee: $1116

Recording Fees: 113

Total = $3249

On the schedule E form there is a spot for interest. However, I'm going to add in $3249 under the section for "other" and label it "refinance"

Am I missing something?

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