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Level 4
April 14, 2020
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Does a refinance of your property change your acquisition date and cost basis on the Asset Entry Worksheet?

  • April 14, 2020
  • 3 replies
  • 22 views
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Best answer by sjrcpa

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.

3 replies

sjrcpa
sjrcpaAnswer
Level 15
April 14, 2020

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.

The more I know the more I don’t know.
Level 4
April 14, 2020

Awesome!  Thank for the quick responsse.

sjrcpa
Level 15
April 14, 2020

You're welcome.

The more I know the more I don’t know.