How do I deduct the payments I am making for the mortgage on a rental house? The rent I receive looks like income, but is offset by the payments against the mortgage.

The difference is about 9000.00

posted

You cannot deduct the principal on the mortgage payments; only the interest and taxes.

The cost of the home (the principal on the loan) is recovered through depreciation. You will enter the home into the Assets and Depreciation section of your rental expenses.

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My son lives in my 2nd home year round and pays the mortgage which is a lot less than fair rental prices. Do I report it as income or is this a case of cost sharing with a close family member?

in Investors & landlords

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How do I deduct the payments I am making for the mortgage on a rental house? The rent I receive looks like income, but is offset by the payments against the mortgage.

How do I deduct the payments I am making for the mortgage on a rental house? The rent I receive looks like income, but is offset by the payments against the mortgage.

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How do I deduct the payments I am making for the mortgage on a rental house? The rent I receive looks like income, but is offset by the payments against the mortgage.

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How do I deduct the payments I am making for the mortgage on a rental house? The rent I receive looks like income, but is offset by the payments against the mortgage.

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