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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
Legally separated
A husband and wife who are required to live apart from each other by the terms of a decree of separate maintenance. Payments under the decree are deductible by the payor and taxable to the payee as alimony.
