Hello - I can't seem to find the answer to this question posted anywhere. If I have a rental property, I know that the costs associated with a refinance can be spread out over the life of that new loan. Turbotax guidance states:
"The costs associated with obtaining a mortgage on rental property are amortized (spread out) over the life of the loan. For example, if it cost you $3,000 to refinance your 30-year mortgage, you'd be able to deduct $100 per year for the next 30 years."
My question is this - Let's say I've been deducting $100 per year for 10 years (for a total of $1000 in deductions) but then sold the rental property in year 11. Can the remaining $2000 of unused refinance costs finally be fully deducted in the year of sale (year 11)?
