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Can I deduct HELOC closing costs from taxes?
Hello BP community. I am in the process of opening a Home Equity Line of Credit on one of my long term rental investment properties. The closing costs are going to be about 1% of the line of credit value. Since this is opened on a rental property, can I deduct it from my rental property income on my taxes? Thanks!
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Not specific advice, but we typically will amortize the 'loan closing costs' over the life of the loan. In the year of sale we will amortize the remainder if any is left. This would show up as an asset on the depreciation schedule.