If you refinanced your rental property you may be able to deduct some of the expenses you paid in connection with securing the loan.
Unlike primary residences, you can deduct more than qualified points and interest.
The fees are typically deductible over the term of the loan, unless they are related to a refinance for a substantial improvement of the property. In this case, they can be deducted in the year of the loan.
The following sections expand on some questions regarding refinancing rental property:
The article is here http://turbotax.intuit.com/support/iq/Rentals-and-Royalties/What-Can-Be-Deducted-When-Refinancing-Re...
Go there and click on the last two sentences of the article ("Can I deduct all of the settlement charges..." and "When I refinance a rental property, how do I report...") to get all the details.
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