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Updated over 4 years ago on . Most recent reply
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Is my refinance tax deductible?
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?