$110.00 
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.
advertisement
Featured Books
Tax Glossary
Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
