Question

Date purchased or acquired for points for rental property

Forum|Forum|4 years ago
March 12, 2022
1 reply
0 views

What date do I use for a new refinanced loan on an existing rental property? Do I use the actual date the property was purchased as a personal home (1989) or the mortgage acquisition date of 2021 for when I refinanced? The date I started using the property as a rental was 1993. Is refinancing like a total new purchase, where the acquisition and date stared as a rental are essentially the same?

LeonardS

What date you use will depend on who you refinanced through.

If you refinance with a new lender, you can deduct the remaining mortgage points when you pay off the loan. However, if you refinance with the same lender, you must deduct the remaining points over the life of the new loan. You might be able to claim a deduction for points paid.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"