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View Diary: Mortgage Interest Deduction? [With Poll] (55 comments)

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  •  Income property is not deductible (1+ / 0-)
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    Although if the income property is an incoming generating business, the interest could be deducted as a business expense. Also there is a 27(?) year depreciation allowed for rental properties.  So every year you could deduct 1/27 of the value of the property (of course, when it comes time to sell, you would have to use the depreciated value as basis, and you would have to pay capital gains based on that)

    It's complicated

    •  Complicated is right (0+ / 0-)

      On my current taxes, any improvements made on the second floor (which is a seperate residence I rent out) are amoritized on a 10-year term.

      I can currently take the mortgage deduction because I live on the first floor. The second floor is rental income, but that's the way the house was built and designed. Losing the mortgage deduction because the house was suddenly classified as Income Property would be messed up.

      Unless I chop off the second floor, anyway.

      "The less time you have, the more you need to use it wisely." - Cpt. Avatar, Starblazers

      by DeathDlr73 on Fri Dec 07, 2012 at 11:56:24 AM PST

      [ Parent ]

    •  I don't understand your post- (0+ / 0-)

      what are you saying is not deductible?  Interest payments?

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