$90.00 
Learn more
Submitted By: Maurice
Answered: June 22, 2015 8:55 am
Answered: June 22, 2015 8:55 am
Is my mortgage payoff considered a selling expense for my residential rental property? (The property was used 100% for rental.)
The payment of principal is never a deductible expense. However, check the payoff information to see whether there were any fees paid in addition to principal; the fees may be considered a selling expense.
Ask JK
Advanced- Is income averaging still available?
- Where do I report income from my corporation on Form 1040?
- I paid a convenience fee when I charged my property taxes. Can I deduct this fee?
- Is my mortgage payoff considered a selling expense for my residential rental property? (The property was used 100% for rental.)
advertisement
Featured Books
Tax Glossary
Qualified plan
A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.
