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Frequently Asked Tax Questions

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


Rev. date: 1/2010


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

previous topic occurrence Closing Costs next topic occurrence
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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: 1/2010


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

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

In general, you can deduct Private Mortgage Insurance premiums in the year paid on line 9 of Form 1040, Schedule E (PDF), Supplemental Income and Loss. Write "PMI" on the dotted line.