If you are renting the property below market rates to a related party, you cannot report a loss. If the loss is because that's the best you could do in an arm's length transaction, then you can and should report the loss. In any case you must report the rental income you receive. If you elect for some reason not to show all of the expenses, there is no law that requires you to do so.
If you meet the requirements for deducting mortgage interest, you may deduct whatever interest you personally paid. You may not deduct interest that someone else (including the other owner) paid. The same applies to real estate taxes.
Yes, it is NOT a personal deduction, but will be an expense against the income...on either your schedule C or I, depending on how your handling the property 9as a business or as an investment).
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
This would not benefit you at all. What income would you have to deduct them from?
No, but if you deduct you should be able to write off the interest on a mortgage loan. Contact a tax professional for details.
If you file a Schedule A and Form 1040 return you can deduct your Mortgage Interest, Property Taxes, and Mortgage PMI on your 1098 form from the bank or mortgage company.
I think you can deduct your property taxes and the interest on your mortgage!
I think you can deduct your property taxes and the interest on your mortgage!
If you meet the requirements for deducting mortgage interest, you may deduct whatever interest you personally paid. You may not deduct interest that someone else (including the other owner) paid. The same applies to real estate taxes.
If you itemize, you can deduct mortgage interest and investment interest.
Yes, it is NOT a personal deduction, but will be an expense against the income...on either your schedule C or I, depending on how your handling the property 9as a business or as an investment).
Here's what I found so far: To deduct interest payments paid as itemized home mortgage interest, the loan obligation must be secured by a recorded mortgage or deed of trust against the home. This can be doneby their signing and recording a mortgage or deed of trust to secure the promissory note.
This would not benefit you at all. What income would you have to deduct them from?
First and foremost, only the person who actually paid the mortgage interest (from his/her own funds) may deduct any of it. Then, it depends on how the house is deeded. If you own it in joint tenancy with rights of survivorship with your fiance, the person who paid it may deduct it. If you split the payments, you may split the deduction in the same proportion as you paid it. If you own the house as tenants in common, each of you may deduct as much as you actually paid, but only to the extent of your ownership interest in the property -- probably 50%. That is, even if you paid 100% of the mortgage payments, you may deduct no more than half of the interest.
No, but if you deduct you should be able to write off the interest on a mortgage loan. Contact a tax professional for details.
You may deduct your interest on your principle residence plus one other qualified residence.
The interest on the second mortgage is deductible but not the home equity loan. If you could deduct the interest on the equity loan also, then you would be double dipping and the IRS doesn't like that. In every situation, one party can and the other party can deduct the interest. Someone has to pay tax on the money transfer.