Well before when I was living in the condo I was benefiting from deducting the mortgage interest & property taxes from my gross income.. but now it seems I will deduct them from my rental income instead. Essentially the only difference to all of this if I'm understanding correctly, is that I will now owe taxes on the rental income minus repairs and maintenance and depreciation (both of which I wasn't able to do while living in the property). Is that correct?
