Asked by Daniela, Boynton Beach, FL • Mon Mar 14, 2011
I've owned the rental property for 1.5 years (mortgage free) and I am about to file my 1st full year tax return. The net rental income is much lower than the gross because I have made major repairs and renovations to the rental property. Now I plan to buy another property which will probably be considered as an investment and for which I will require a mortgage. Will the net rental income be the only one considered as qualifying income even though most of the expenses were not reoccuring operating expenses?
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