I own two properties : a condo that I live in, and a condo in another state that I rent out.
Can I claim the mortgage interest of both properties as deductible in my return?
I did my taxes using Turbotax and, with the depreciation, I made a loss on my rental unit. Does this affect anything?
2007-03-11 15:26:44 · 5 answers · asked by ohmygod 1 in Business & Finance ➔ Taxes ➔ United States
You can deduct all mortgage interest, but on different schedules.
Mortgage interest on your home goes on Schedule A.
Mortgage interest on your rental condo goes on Schedule E. If you show a loss on Schedule E for the rental unit, you may be able to deduct that loss as long as your income is below the threshold for passive losses ($100,000) or you have passive gains to offset the passive losses.
2007-03-11 15:32:56 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
2
2016-07-18 22:52:06 · answer #2 · answered by ? 3 · 0⤊ 0⤋
mortgage interest that you pay on the condo that you live in, goes on Schedule A (itemized deduction) also the property taxes go there too
interest on the condo that you rent out goes on Schedule E (rental); if you already have a loss (w/o including mortgage interest); the mortgage interest will increase your loss even more
if you have any more questions feel free to contact me at swim_girl2003 at yahoo.com
2007-03-11 15:31:49 · answer #3 · answered by NJchick 3 · 1⤊ 0⤋
Rent To Own Homes - http://RentToOwnHome.uzaev.com/?rEPh
2016-07-13 02:02:15 · answer #4 · answered by ? 3 · 0⤊ 0⤋
you can deduct both...I did.
2007-03-11 15:34:04 · answer #5 · answered by miztiffany 3 · 0⤊ 0⤋