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Investment Property Refinance and Closing Fees. If you are refinancing a mortgage on a rental or investment property, the rules are different. The IRS will let you deduct just about every closing cost that you incur when you source your new loan, prorated over the life of the loan. For example, if you spent $15,000 to refinance a 10-year loan, you could write off $1,500 per year.
There are tax implications of refinancing a rental property due to a reduction in interest rates, which saves money on interest, but reduces the amount of interest paid. However, as with most situations involving the IRS, there are specific rules for claiming these deductions on your taxes.
The case studies of Tom and Cathy above refer to this type of refinancing. The tax deductions available are the remaining borrowing costs that were spread over five years and the exit fees and.
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For 2012 travel, the rate is 55.5 cents a mile, plus what you paid for parking fees and tolls. [More from Kiplinger: 10 Smart Uses for Your Tax Refund. you get to deduct in one fell swoop the.
printing fees, registration fees, filing fees, commitment or standby fees, guarantee fees, promoter’s service fees, loan arrangement fees, certification fees and certain other "soft costs". These expenses are deductible under paragraph 20(1)(e) at the rate of 20% for a full fiscal period of 365 days over a five year period.
Refinancing a rental to create a tax deduction may work, but losses may be limited. You might be able to refinance your rental property to create a tax deduction, but there’s a limit to the losses.
If you can deduct all of the interest on your mortgage, you may be able to deduct all of the points paid on the mortgage. If your acquisition debt exceeds $1 million or your home equity debt exceeds $100,000, you can’t deduct all the interest on your mortgage and you can’t deduct all your points.
If you had just refinanced the property with a $1,500,000 mortgage, and paid $140,000 in commissions and fees after the sale, you’d still owe $27,500 in tax left over after paying off your loan.