When filing taxes on a rental property that I refinanced twice, do I add the abstract and recording fees twice

Question

I bought this house in 1998. I lived there until last year, in which time I refinanced it twice. I am now renting the property out. I am filling out my taxes and being asked to fill in boxes with "abstract recording fees" "legal fees, title search" "title insurance" etc.

Am I supposed to add these fees from the refinancing as well?

Answer 1

When you convert a personal residence to a rental, you may only deduct as a business expense such expenditures which occurred on or after the date on which you converted the property a rental. The expenses which you are describing seem to have occurred when you were using the property as a personal residence, and are therefore not deductible as a business expense concerning the rental activity. For further information, please read IRS Publication 527, as indicated in the source URL. Page 5 describes situations such as yours.

Answer 2

probable superb to no longer. What you're able to do is discover your final pay stub in lieu of your W*2 variety. That being suggested had you filed a return and forgotten to checklist income you could bypass lower back and report a 1040X variety and amend your return. marvelous now i might attempt and touch the corporation and safeguard the W-2