The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Rental Property Refinance||Date: 11/7/2003 6:46 PM|
|Author: ptheland||Number: 67456 of 120476|
What items, if any, are deductible in conjunction with the refinance?
Immediately deductible? Nothing, other than the interest that is prorated on the two loans. OK - any property taxes that might be paid through the closing process would be deductible also.
Pretty much everything else must be amortized over the life of the loan.
And a bonus caveat: If you get cash out of the refinance, all of your interest expense on the loan might not be deductible. It will depend on how the proceeds are used.
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