Prepayment penalty

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  • Questionguy101
    Senior Member
    • Jan 2007
    • 423
    #1

    Prepayment penalty

    A loan was borrowed for rental expenses many years ago. Then it was refinanced in 2006. But the former lender imposed prepayment penalty because it was an early payoff. Is the prepayment penalty tax deductible?
    Tags: None
    • veritas
      Senior Member
      • Dec 2005
      • 3290
      #2
      It is deductible

      as interest. Usually it is included on the form 1098.

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