I did a refinance on my rental property, total cost I entered is over $5000, but when I moved to the next step, I only see about $100 deduction on my tax due amount. Did I do anything wrong?
After I moved to the next step, I see this:
It looks like the full amount will be deducted over time. Here are my two questions:
1. Anyway it can be fully deducted in one year?
2. Now should I include the original loan (when I purchase the house 3 years ago) here as the "prior refinance fee"? I am assuming the cost of that loan is also deducted over the life of that loan?
Thank you!
