bflathers
New Member
Cash: $ 1.20
Posts: 5
Joined: 02 Dec 2004
Location: San Francisco
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| Real Estate Tax question |
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looking to purchase a house for 450K and rent it out - but I have a tax question.
This property should rent for about 2k/month. 24K for the year. Am I able to deduct the interest I am paying on the loan (morgage will be about 1500/month) from the 24K rent income before taxes are assessed on that income? My wife and I earn more than 150K per/year and I believe we are uneligible for loss deductions because of our income level....I want to make sure I can deduct the interest from the income of the property.
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Fri Jan 28, 2005 1:56 am |
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TripleNetCentral.com
New Member
Cash: $ 1.20
Posts: 6
Joined: 24 Feb 2005
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Talk to your accountant but, yes, that interest should be a tax deductable expense. in addition, you should be able to deduct depreciation for the property and repair expenses all the while the property is actually increasing in value!
Ain't real estate great?!?
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Thu Feb 24, 2005 7:55 pm |
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