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Mortgage interest deduction on a second (rental) home
Posted on 1/19/13 at 6:09 pm
Posted on 1/19/13 at 6:09 pm
Does anyone have experience with this? If I live in my primary residence and rent out a second property, am I allowed to deduct the mortgage interest on both homes? If not, can I deduct the rental 'income'?
I'm thinking about doing this in a couple of years and want to learn the tax consequences of buying a new home and renting out my existing one.
I'm thinking about doing this in a couple of years and want to learn the tax consequences of buying a new home and renting out my existing one.
1
Posted on 1/19/13 at 6:14 pm to siliconvalleytiger
You have to report the rental income and you can deduct the mortgage interest from that income.
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