Tax Deductible Mortgage
October 14th, 2009
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Question: Rental property – is mortgage interest tax deductible?
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?
Answer: 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.
Items on Amazon Right Now for Tax Deductible Mortgage:
10 Ways To Save Money On Your 2009 Tax Return
There are only three more days left in 2009, so is it too late to do anything that will help you save money when you file your tax return for this year?
Tax Deductible Mortages in Canada – Bello Mortgage
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