Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

SignUp Now!

Mortgage Penalty

sandra

0
Registered
Joined
Sep 4, 2007
Messages
42
Hello all,

I have a 5 year fix mortgage, and have 2 more years left on it. I want to change to variable and the bank says I have to pay penalty. Is this penalty tax deductible?

Thanks
Sandra
 

Sherilynn

Real Estate Maven
REIN Member
Joined
Oct 22, 2007
Messages
2,803
Mortgage penalties on investment properties are tax deductible. I believe you must prorate them over the new mortgage term. (Please doublecheck with your accountant.)

Regards,
Sherilynn
 
Top Bottom