I have 2 rental properties. I have mortgage payments on both properties. I pay more in mortgage payment, taxes, insurance and, operating costs than I receive in mortgage payments. I am charging the correct amount for rent. I don't make a profit on either property. I have a property manager but all they do is collect the rent payment and send it to me. I make all the decisions on repairs, maintenance, I payment of taxes and insurance.
One property is upside down so I can not sell it and break even due to market conditions. The other has equity but is titled to multiple people and they will not sell or buy me out because they don't have enough income and they plan on living in the property with in 5 years.
It is not right that I have to pay income taxes on a property that I take a loss on. Where do I deduct for mortgage payments?
Thank you
