Mortgage payment on a rental
Varies
Can I Write Off My Rental Mortgage Payment?
Short answer: Only the interest part of the payment is deductible; principal isn't, though the building is depreciated instead.
Rental income and expenses go on Schedule E; ordinary costs to manage and maintain the property are deductible in the year paid.
Records to keep: Keep leases, receipts, a log of repairs vs improvements, mileage to the property, and closing statements.
Mortgage payment on a rental
Varies
Real Estate / Landlords / Property Managers / Agents
Only the interest part of the payment is deductible; principal isn't, though the building is depreciated instead.
Business justification
Only the interest part of the payment is deductible; principal isn't, though the building is depreciated instead. Rental income and expenses go on Schedule E; ordinary costs to manage and maintain the property are deductible in the year paid.
Category
- Rental Property Write-Offs