Asked by Sash, New Jersey • Wed Oct 17, 2007
OK this is a current situation. I am single and currently renting a house and pays monthly $550 rent. Apparantly, 2 months back, I've purchased a 2 br townhome ( my first home) in NJ to live in but since then I've decided to use that house as a rental investment. I've paid 20% downpayment, and my monthly mortgage including property taxes comes down to $2000 $210 HOA fees. If i would have lived in this house I bought, I would have saved around $600 on monthly mortgage payment from my income taxes.
My questions are
1 Can I rent this property out since it's my first home ?
2. If I rent this property out for let says $1700-$1800 rent, that takes care of my monthly mortgage and $300 of $550 of monthly property taxes , would I still be able to save my taxes on the mortgage payments I make every month and if yes, how much based on the numbers I've written.
3.Do i have to pay taxes on capital gains if i sell it since I used it as a rental property and never lived in it.
Real Estate in Princeton
Popular Categories in Princeton
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!