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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.
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Tax Glossary
Keogh plan
Retirement plan set up by a self-employed person, providing tax-deductible contributions, tax-free income accumulations until withdrawal, and favorable averaging for qualifying lump-sum distributions.
