So the $380K was made up of his half owed to the bank $240K + $120K as profit to him and $20K in settlement/closing costs (no cash out). If my mortgage interest in 2020 was $27K you are saying that I can depreciate 61.3% = $16,470 every year for the life of loan on SCH E. When I add this plus all other expenses (half of property taxes, interest, utilities etc) I practically are at a loss (which is good but want to confirm)
Thanks again!
