If my mortgage payment is higher than what I’m charging in rent, can I deduct that from my taxes? I think I heard that you can’t deduct interest anymore if the house isn’t your primary residence. Is that also true? Thanks in advance.
You may minus mortgage interest and any other expense (except for cost for major improvement) form your total rental income and report it as either gain/loss. Unless you have a tax program it is rather time consuming to calculate. Also to take advantage of tax deduction, you may depreciate your house, which takes another form. I have my HR block tax professional do the form and it saves time and definitely worth it. The loss from my rental house offset my adjusted gross income by thousands of dollars every year.
Can you write off a loss from renting your house for less than your mortgage payment?
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You may minus mortgage interest and any other expense (except for cost for major improvement) form your total rental income and report it as either gain/loss. Unless you have a tax program it is rather time consuming to calculate. Also to take advantage of tax deduction, you may depreciate your house, which takes another form. I have my HR block tax professional do the form and it saves time and definitely worth it. The loss from my rental house offset my adjusted gross income by thousands of dollars every year.
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