Announcement

Collapse
No announcement yet.

Prepayment penalty when selling rental

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Prepayment penalty when selling rental

    Client sold his rental with a significant gain. He had a prepayment penalty of about $10k which was paid out of proceeds to lender. Can the penalty be considered a selling cost and therefore used to reduce gain?

    #2
    yes it can...possibly even as interest--need to look it up in Pub 17
    Believe nothing you have not personally researched and verified.

    Comment

    Working...
    X