Welcome New User! ( Create Account | Sign In )

How WebAnswers Works|Become an Expert|FAQs|Advanced Search

Maximize

You are here: Home Categories Taxes Can we deduct a penalty we had to pay when refinan...

Previous | Next

Question

Submitted 354 days ago...

fbigeorge

New User (2)

Can we deduct a penalty we had to pay when refinancing

We refinanced our house in the beginning of the year. We had to pay a penalty on the old loan we refinanced as that loan was paid off early. Can the penalty be deducted on our taxes?

Jan George

Share | Abuse

Answers

Answer 1 / 1

Submitted 85 days ago...

thomas82

New User (5)

Yes you can deduct whatever points you have paid at the time of refinancing.

Share | Link | Abuse

Answer This Question Now

If your Answer is chosen as the “accepted” answer, you will earn ongoing royalties on this thread.
Simply type your Answer in the box below and post your answer.

Learn more about how WebAnswers.com works

Related Questions

Is prepayment penalty on mortgage tax deductible.

I refinanced my house last year but had to pay a prepayment penalty. my bookkeeper is telling...

View Question

Refinancing

Are the penalty fees for refinancing tax deductible on the income taxes and if so where do...

View Question

Tax penalty calculation

What is the penalty amount due on a tax amount owing of $6,000.00 for tax year 2006, paid...

View Question

Penalty for 401k loan

I toke money out of my 401k to get my first house and got a 1099 form and was told my h&r...

View Question

Penalty on early withdrawal on retirement plans

Is line 60 on form 1040 were i would put my penalty of 10 percent?

View Question

Tax penalty

! had a 1700$ tax penalty for early withdraw before 59 1/2 but i have a permanent disability

View Question

Antrim county taxes penalty

Due 9/15 - property in escrow - what is penalty?

View Question

Deductions

Refinanced home in 2007. 1098 statement says nothing about points paid, but settlement statement...

View Question

Deductions

Can we deduct prepay penalty on a refinance o four mortgage?

View Question

Penalty on 2006 taxes

What is the penalty on a $6500 tax bill from 2006. request for late filing was filed.

View Question

Can we deduct a penalty we had to pay when refinancing

We refinanced our house in the beginning of the year. We had to pay a penalty on the old loan we refinanced as that loan was paid off early. Can the penalty be deducted on our taxes? Jan George

We refinanced our house in the beginning of the year. We had to pay a penalty on the old loan we refinanced as that loan was paid off early. Can the penalty be deducted on our taxes?

Jan George