I thought you could write off your total mortgage payment when you rent a house, especially when your mortgage is higher than what you get from the renter, my tax guy said only the interest is a write off is this true?? and of course all the expences are a write off also.
2007-03-06 13:32:13 · 2 answers · asked by foxyraley 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
No. Only the interest is deductible.
The "extra" for rental properties is the depreciation.
2007-03-06 14:25:52 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
yes, it's true. But the majority of your payment is usually interest anyway, unless you have an old loan or low rate or short term mortgage.
Did you write off the mileage in going to the house every weekend to do repairs? water/sewer bills? anything else you have a receipt for that could have possibly been used in the rental? Anything I buy for my house automatically gets attached to one of my rentals, doesn't matter what it is.
2007-03-06 21:41:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋