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Does a refinance of your property change your acquisition date and cost basis on the Asset Entry Worksheet?

mac20coaching
Level 3
 
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sjrcpa
Level 15

No to acquisition date. No to cost basis unless there are some capitalizable costs incurred with the refinance.

Watch out for increase in balance and cash out. This will affect deductibility of the interest.


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3 Comments 3
sjrcpa
Level 15

No to acquisition date. No to cost basis unless there are some capitalizable costs incurred with the refinance.

Watch out for increase in balance and cash out. This will affect deductibility of the interest.


Ex-AllStar
mac20coaching
Level 3

Awesome!  Thank for the quick responsse.

sjrcpa
Level 15

You're welcome.


Ex-AllStar