Submitted By: Maurice
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.

advertisement
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plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn.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.

More terms