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Can I deduct rental property mortgage interest from personal if other rental expenses are high?

For my rental property (rented all year 2016) I did repairs that wiped out most of my rental income. Can I deduct my mortgage interest on the rental property from my personal income instead of entering it on Schedule E? My personal income was $155k for 2016 if that matters at all.

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NancyG
New Member

Can I deduct rental property mortgage interest from personal if other rental expenses are high?

No, you cannot deduct the mortgage interest on your rental property elsewhere on your return.  If you exceed the allowable rental loss deduction for 2016, the portion that is not allowable will carry-forward to offset rental income in future years.

The following article contains a section on rental losses (passive activity losses) and how they flow through your return:

https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Real-Estate-Tax-and-Rental-Property/I...

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