Is the Mortgage Fixed Loan Locking Fee tax deductible?

[simonksl26]

This is the optional fee when you try to lock in the mortgage loan rate to the current rate when settlement can be a few months down the road. I'm sure many of you do that, so it should be obvious.

 

[Terry_w]

Assuming the loan is for an investment property then it would probably be a borrowing expense

 

[wylie]

Am I the only one confused with two Terry w members

I know there is a slight difference, but I keep having to think "which terry is this one"?

You ARE different people, aren't you?

 

[Aaron_C]

You ARE different people, aren't you?

LOL no. Terryw said he was getting back into broking. So Terry_w is still him but without Mayor Quimby.

 

[Rolf Latham]

Assuming the loan is for an investment property then it would probably be a borrowing expense

and "depreciable" flat line over 5 years OR the length of the loan if less ?

ta
rolf