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Is the Prepayment Fee on mortgage closing loans tax deductible?
Sent to Tax Experts February 21 02:46 AM

I paid one months interest of $949.35 and a prepayment fee of $4,771.24 after I refinanced my mortgage with another company. Can these amounts be deducted on my income tax form and where do I record them?

I refinanced my home loan. The closing statement shows my payoff to Countrywide Home Loans was $949.35 interest, and $4,771.24 for prepayment fee. I am trying to determine if I can claim these amounts on my Federal Tax Return for 2004. If I can, where do I record these amounts?

Customer (name blocked for privacy)
Status:  Closed   Value: $5
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February 21 7:19 AM (4 hours and 33 minutes and 53 seconds later)
         
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