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| Posted by | Message | siliconvalleytiger 
LSU Fan
Northern California
Member since Apr 2004
19999 posts
 Online
| Mortgage interest deduction on a second (rental) home (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.
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New Orleans Saints Fan
Member since Sep 2008
700 posts
Online
| re: Mortgage interest deduction on a second (rental) home (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.
Schedule E
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