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previous pagePrevious Page: Sale or Trade of Business, Depreciation, Rentals > Personal Use of Business Property (Condo, Timeshare, etc.)
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Frequently Asked Tax Questions

Sale or Trade of Business, Depreciation, Rentals - Rental Expenses versus Passive Activity Losses (PALs)


Rev. date: 1/2009

I purchased a rental property last year. What closing costs can I deduct?


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previous topic occurrence Closing Costs next topic occurrence
previous topic occurrence Publication 551 next topic occurrence
previous topic occurrence Rental Property next topic occurrence
previous topic occurrence Residential Rental Property (Including Rental of Vacation Homes) next topic occurrence

The only deductible closing costs are those for interest and deductible real estate taxes.
Other settlement fees and closing costs for buying the property become additions to your basis in the property and part of your depreciation deduction, including:

Rev. date: 1/2009

Can you deduct Private Mortgage Insurance (PMI) premiums on rental property? If so, which line item on Schedule E?


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previous topic occurrence Mortgage Insurance Premiums next topic occurrence
previous topic occurrence Qualified Mortgage Insurance Premiums next topic occurrence
previous topic occurrence Rental Property next topic occurrence
previous topic occurrence Residential Rental Property (Including Rental of Vacation Homes) next topic occurrence
previous topic occurrence Supplemental Income and Loss next topic occurrence

Yes. You can deduct Private Mortgage Insurance premium on line 9 of Form 1040, Schedule E (PDF), Supplemental Income and Loss. Write "PMI" on the dotted line.
previous pagePrevious Page: Sale or Trade of Business, Depreciation, Rentals > Personal Use of Business Property (Condo, Timeshare, etc.)
next pageNext Page:  Sale or Trade of Business, Depreciation, Rentals > Sales, Trades, Exchanges
 Use previous pagenext page to find additional instances of index items.