Answer by cpaboise
No, not exactly, and possibly not the entire $500 per month over the course of the tax year. Monthly mortgage cost $2000, part of which is interest deductible on Schedule E of your tax return (or form...
View ArticleAnswer by AJ
That $2000 may also include real estate taxes and insurance that are deductible as a rental expense. The 1098 received at the end of the year or a statement included with it should spell out what all...
View ArticleAnswer by cpaboise
Yes, AJ, you're correct about that, though In my experience, taxes and insurance are not normally included with the mortgage payment for rental property. That may be different in some other areas.
View ArticleAnswer by Brandon Frank
I think I understand what you are saying - and thank you for the replies. Let me see if I am on track: in my example the $2000 of monthly mortgage cost consists of principal, interest and taxes. The...
View ArticleAnswer by EAgent
I've read the answers and most contain most of the information, but I fear the asker doesn't have enough of a tax background to fully appreciate the nuances. I'll try to summarize, but it may not come...
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