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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
Tax attributes
When debts are cancelled in bankruptcy cases, the cancelled amount is excluded from gross income. Tax attributes are certain losses, credits, and property basis that must be reduced to the extent of the exclusion.
