Posted byMessage
Northern California
Member since Apr 2004
21958 posts

Mortgage interest deduction on a second (rental) home

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.

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New Orleans Saints Fan
Member since Sep 2008
1112 posts

re: Mortgage interest deduction on a second (rental) home

You have to report the rental income and you can deduct the mortgage interest from that income.

Schedule E

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