Rentals in Emeryville>Question Details

Louise, Other/Just Looking in Emeryville, CA

We plan to rent out our current home as we can't sell it yet, and rent in California where we will move. Can we declare mortgage interest on?

Asked by Louise, Emeryville, CA Sun May 23, 2010

taxes?

Help the community by answering this question:

Answers

3
Definitely a question that should be posed to a tax professional. There are many tax ramifications on what your are asking and many side issues that could potentially arise.
0 votes Thank Flag Link Wed Oct 20, 2010
I recommend a consultaion with a tax professional first. There are a lot of considerations for example if you are subject to Alternative Minimum Tax, and in some cases if you are not, depreciation on the property will have an impact on your sale down the road and this should be factored into today's considerations.

The good news is for most people this will be a short term windfall. Not only are you able to deduct all the normal expenses of ownership, other expenses sich as property management and HOA dues if any become deductible and you will have paper losses for deprecation to offest other income (See above recommendation).
Web Reference: http://bob2sell.com
0 votes Thank Flag Link Mon May 24, 2010
Generally, yes. Along with depreciation, management expenses, and other items on your rental property.

Check with an accountant for more information.
0 votes Thank Flag Link Sun May 23, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer