Related Posts
Thoughts on JMP Securities M&A?
Additional Posts in The Real Estate Bowl
Any good NY/NJ meet ups? Virtual or in person
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Only the interest portion of your mortgage payment is deductible. Your property taxes are also deductible along with depreciation and other qualifying expenses.
Keep in mind though, if you have deductions greater than your rental income, you will most likely have to carry the loss forward and use to offset capital gains when you sell. Most people cannot offset active income (i.e. your salary) with passive losses, but it is worth looking into the rules to see if you qualify
All of your expenses except mortgage principal are tax deductible against your rental income (depending on you salaries income level, you may or may not be able to deduct. I make to much to deduct rental losses). If you can’t deduct your losses they carry over to future tax years. Also track mileage to the location. I use mileageIQ and I’m under the 40 drives which is free. If you have someone do your taxes then you can also deduct that. I also have quicken as I have two rental houses to track expenses.
Definitely need more info. Condo fees are deductible offer revenue if it’s a fully rental property, but if you’re living there too that changes things
I don’t live there.
My mortgage is around 1350, fees around 650.
So the rentor is covering my mortgage and 350 of 650 in my fees. Does that make the other 300 tax deductible?
Wow thanks so much for the insight guys, looks like I gotta sit down and study
Yeah I did :) had someone review my stuff via video in the TurboTax too