Tax Question; Line of credit fee

[alaskaguy]

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?

 

[ericlambi]

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

 

[Cyclonepride]

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.

 

[CycloneErik]

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. :no: