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    Tax Question; Line of credit fee

    I sold a house during 2008. I had a line-of-credit against the house I sold. I never used the line-of-credit but Wells Fargo charged me a $680 fee for closing the line-of-credit.

    Can the $680 charge be considered a tax deduction?


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    Re: Tax Question; Line of credit fee

    No idea, but how can they charge you $700 for closing a line of credit you never accessed?



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    Re: Tax Question; Line of credit fee

    Quote Originally Posted by ericlambi View Post
    No idea, but how can they charge you $700 for closing a line of credit you never accessed?
    Because they are Wells Fargo. Eventually, there will be a fee to walk into their bank.



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    Re: Tax Question; Line of credit fee

    Quote Originally Posted by alaskaguy View Post
    I sold a house during 2008. I had a line-of-credit against the house I sold. I never used the line-of-credit but Wells Fargo charged me a $680 fee for closing the line-of-credit.

    Can the $680 charge be considered a tax deduction?
    I doubt it. Losses in selling a house don't count for a tax deduction. We took a bath selling a house in 2007, and it didn't count for any deductions.


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