VA Funding fee?

Technical topics regarding tax preparation.
#1
taxcpa  
Posts:
733
Joined:
29-Apr-2014 6:47am
Location:
USA
Any way to include this in the basis of a property, or is it under the category of costs/fees to obtain a mortgage?

I assume lenders title insurance would be in the same category.

Assuming I am grasping at straws, could the funding fee and lenders title be amortizable costs during the period of rental? Together, they would amount to about $300/yr over the 30 year life of the mortgage.

Trying to beat down the 1250 gain on a personal residence converted to a rental.
 

#2
Preppie  
Posts:
316
Joined:
6-May-2015 6:23am
Location:
Virginia
It is treated as PMI. It may have been deducted on Schedule A in the year of purchase if their AGI was under $100K.
 


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