I've always thought I could not deduct the interest on my taxes from an investment property. but I keep seeing articles that say I can. Can anyone give it to me straight?
2007-02-06 01:26:29 · 4 answers · asked by tightlies 3 in Business & Finance ➔ Renting & Real Estate
How on earth could you own investment property and not have the first clue about how to account for it on your taxes???
Of course, mortgage interest is deductible. So are your property taxes, maintenance, marketing costs, etc...
No wonder so many investment property loans are going into default. Everyone is too stupid to be owning them.
2007-02-06 03:27:01 · answer #1 · answered by Anonymous · 0⤊ 3⤋
Why don't you check with your tax department, that way you will probably get the right answer. In Canada it would probably depend on what kind of investment property. If you are declaring rental income on the property certainly you can deduct the interest and realty tax you pay. If however, it is a property that you will have to pay Capital Gains on then there are different rules.
2007-02-06 01:48:27 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Yes, you can deduct mortgage interest AND depreciation, as well as any other expenses incurred, on an investment property.
2007-02-06 01:32:13 · answer #3 · answered by themainsail 5 · 1⤊ 0⤋
yes but as a schedule E filing.....get a CPA to help you...
2007-02-06 04:49:57 · answer #4 · answered by boston857 5 · 2⤊ 0⤋