Question by MikeC: Can fees used to secure a mortgage refinance be added to the property cost basis?
Best answer:
Answer by bud68
No.
Know better? Leave your own answer in the comments!
Question by MikeC: Can fees used to secure a mortgage refinance be added to the property cost basis?
Best answer:
Answer by bud68
No.
Know better? Leave your own answer in the comments!
No they can not. Only capital improvements to the property, or costs within 6 months of sale incurred to sell the property can be added to the basis.
The good news is that the refinance costs can be deducted NOW, not have to be added to the basis for later deduction.