Can you deduct mortgage interest on a rental property

Can you deduct mortgage interest on a rental property?

You can deduct expenses incurred when you rent a property or earn rental income. These expenses include property tax, mortgage interest, depreciation, repairs, and operating expenses. A tax incentive for homeowners is the mortgage interest deduction, which can sometimes be applied to rental properties. Mortgage Interest Deduction You can reduce your taxable income through the …

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Avoiding an IRS Audit

Avoiding an IRS Audit

Nobody likes to be audited or questioned by the IRS. Although it is rare for individual taxpayers to be audited by the IRS, it can be costly, stressful, and time-consuming. Additional bills can result from a tax audit, which averages $21,918. It is not easy to deal with an audit. It is much easier to …

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Are HOA fees tax-deductible

Are HOA fees tax-deductible?

You might notice HOA fees listed on some condos and houses for sale when looking at properties. HOA fees can be mandatory. You may be curious about how often they must be paid, the cost of the fees, and whether you can deduct HOA fees. When calculating your monthly housing budget, HOA fees should be …

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