Message Font: Serif | Sans-Serif
No. of Recommendations: 0

Thanks for the help on the Roth IRA questions!! I definitely think the MF Tax Guide needs to go on my Xmas list!

I would also appreciate help with one more question (I promise just one more):

- A few days ago I refinanced the mortgage on a condominium that I own and rent out (ie business property). At the closing, I paid interest as part of the payoff on the old loan to the previous lender - and prepaid interest to the new lender from the date of closing to the end of this month - (12/11/98-12/31/98).

My question: Is any or all of this interest deductible as an expense against the rental income received in 1998?

( I understand that there are limitations on expense deductions based on income - but this scenario assumes that I am under the income ceiling)

thanks so much!!
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.