Is the interest on a mortgage deductable if it is a rental property?

Asked by Elmoelmo, 11372 Sun Feb 12, 2012

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Keith & Kinsey Schulz’s answer
Keith & Kins…, Agent, Verona, WI
Sun Feb 12, 2012
In most cases mortgage interest on a rental is deductible. We are able to deduct the interest on our personal rentals. Although, I'll give the same disclosure as everybody else... check the your tax advisor, or read the IRS tax rules yourself to make sure. Every persons situation is different.

I wrote a blog recently about typical homeowner and rental property related tax deductions. Within the blog there are several links to portions of the tax code that may help you. See the link below.
1 vote
Annette Levi…, , New York, NY
Mon Feb 13, 2012
Your accountant will do a Schedule E in which you deduct mortgage interest from the rent you receive besides other things. You need to speak to your accountant.
0 votes
Gena Bolton, Agent, Grayton Beach, FL
Mon Feb 13, 2012
I know your looking for a simple yes or no answer and seems like in real estate these days we all defer to a legal source - and in this case your tax adviser and yes please use them not us....:

But here are some tips - the interest paid to banks is part of your the Schedule E. ( expense side )

If this is your first rental property as a landlord, here are some things you will want to keep track of :

Purchase price of the house, condo, or apartment building you are renting out,
Accumulated depreciation,
Rental income,
Security deposits you received.

In addition, you will need to keep track of various expenses associated with your rental property, including:
Commissions or property management fees,
Advertising costs,
Cleaning, maintenance, and repair costs,
Homeowners insurance and HOA dues,
Real estate taxes and mortgage interest expenses,
Security deposits reimbursed to the tenant.
and various other expenses, such as utilities, landscaping, garbage, and so forth.

In my experience, homeowners who keep detailed summaries of their rental property expenses are the ones who benefit from the generous tax rules regarding rental income.

Hope this helps,
0 votes
Oleg Polonsky, Agent, brooklyn, NY
Sun Feb 12, 2012
Good evening, ElmoElmo.

I am sure that your CPA will be happy to answer this question for you. In the meantime, I live in Kensington, and I will be happy you with your transactions here. Good luck!
0 votes
Ron Thomas, Agent, Fresno, CA
Sun Feb 12, 2012
It is if your Tax Professional set it up that way.

We cannot answer this for you,

Your Tax person has to answer it.

Good luck and may God bless
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Feb 12, 2012
When it comes to any tax related questions, it's really in your best interest to consult with your tax professional, and or tax attorney....
0 votes
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