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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.
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The only settlement or closing costs you can deduct are home mortgage interest and certain real estate taxes. You deduct them in the year you buy your home if you itemize your deductions. You can add certain other settlement or closing costs to the basis of your home.
IRS TAX TIP 2003-32 REFINANCING YOUR HOME Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans, according to the IRS. Generally, for taxpayers who itemize, the "points" paid to obtain a home mortgage may be deductible as mortgage interest. Points paid to obtain an original
Since this is still interest, even though it is included in your closing costs you can deduct it from your yearly tax returns. If you have to pay pro-rated property taxes, these will also be tax deductible. You pay this when the seller’s property tax payment extends into the month you take possession of the home.
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Did you refinance your mortgage? Here’s a tax break. Refinancing tax deduction basics.. Note: If you rolled all the refinancing costs, including the points, into the balance of the new.
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Buying a property provides a number of advantages over renting or leasing, and one of these advantages is the opportunity to deduct costs on taxes. Closing costs include a range of added charges.
For example, you refinance the mortgage for $200,000 and have $5,000 in closing costs. If you use $100,000 of the loan money to make improvements to the rental property, you can deduct half of the total closing costs, or $2,500 as expenses for the year.
How to Deduct Refinance Closing Costs on Rental Properties. Note that your tax basis in the property increased with the expenditure on the fee to acquire the loan. However, the amortization process will gradually lower your basis, all other things being equal, even as it lowers your tax bill. Attach the completed Form 4562 to your tax return.