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Can I write off the mortgage interest and the property taxes paid for my second property which is a rental property for tax benifits.
Both the properties are located in california.
I also own an investment property outside california. Can I also write off the interest payment for that property.

2007-12-28 06:18:05 · 5 answers · asked by mandy 1 in Business & Finance Taxes United States

5 answers

Rental property is not a "second home" for you, and you can't write off the interest on schedule A.

Your rental income and expenses will be listed on a schedule E. You can write off those items there for the rental property, whether you itemize or not - they are totally separate.

You will show your rental income and expenses for the property outside of CA on a schedule E also.

2007-12-28 09:38:41 · answer #1 · answered by Judy 7 · 1 0

2

2016-07-19 05:51:26 · answer #2 · answered by Perla 3 · 0 0

This nevertheless in elementary terms outcomes the wealthiest individuals. I in no way deducted my very own loan activity or property taxes with the aid of fact the as we communicate tax deduction amounted to better than itemized deductions. that's going to be that way for many individuals. with the low expenses of activity. additionally i presumed it grew to become into rated to result earning over $250,000 yet i must be incorrect. The devil is interior the small print. One extensive deduction from business enterprise which will probable be bumped off is the skill to deduct the complete quantity spent on sources which includes new technologies which consistently was depreciated over 7 years or based on the existence of the kit. Taxes are too complicated to make a determination according to some short paragraphs.

2016-10-20 04:54:51 · answer #3 · answered by ? 4 · 0 0

Rental income and expenses go on schedule E. If you have a loss for the year, the loss may have to be deferred to a later year.

Investment interest expenses is often deferred since you must have investment income to offset against it.

2007-12-28 06:22:31 · answer #4 · answered by Anonymous · 0 0

Rent-To-Own Home : http://RentToOwnHome.uzaev.com/?rNdL

2016-07-13 05:07:01 · answer #5 · answered by Anonymous · 0 0

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