Start your membership account today...  Access to credit reports, 100's of rental specific forms, agreements, letters, checklists, how-to articles, guides, expert advice and much more!  Even a FREE, 3-day trial!

Not a Member?
Get a Free Trial Membership

  Get FREE Stuff! Run Credit Report Rental Forms  Shop & Buy Forms!  Advertise Your Rental Customer Care

Welcome to Landlord.com's Discussion Forum
Register Latest Topics
 
 
 


Reply
  Author   Comment  
phpropetario

Registered:
Posts: 7
Reply with quote  #1 
This is the first tax year that my husband and I have two rental properties.  I am attempting to do the taxes myself (I have already asked for an extension because of the complexity).  I find that the H&R Block software only allows me to deduct the mortgage interest paid for one of the properties.  Are landlords only allowed to claim mortgage interest on one property?  Thanks in advance for any insight.
Charmed

Avatar / Picture

Registered:
Posts: 369
Reply with quote  #2 
Per the IRS website:  "Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan."
Marytmary1978

Registered:
Posts: 445
Reply with quote  #3 

Not familiar with H&R block's  software.  I have a suspicion that you do not have the correct software, and the one you have only is looking for owner occupied home with the deduction for interest.  Suggest you look at the turbo-tax version that has rental properties with it.  It is about 2 to 3 times the basic version.

 

Yes, you can deduct all the interest you pay out while trying to produce an income.  this would include not only mortgage, but also credit card etc.

gronkowski

Registered:
Posts: 5
Reply with quote  #4 
I will try this but anyway thanks for share!

Torrey Smith Jersey and Tom Brady Jersey

__________________
Lardarius Webb Jersey and Andre Johnson Jersey should be ok
prin1113ci

Registered:
Posts: 86
Reply with quote  #5 
You can deduct as home mortgage interest . It includes discussions on points mortgage insurance premiums . Your mortgage interest deduction and potential tax savings from your mortgage .


robotstøvsuger

CarmenPage

Registered:
Posts: 9
Reply with quote  #6 
Not also familiar with H&R block's software and i am also wondering if that is only the problem.
milesmaxx

Registered:
Posts: 6
Reply with quote  #7 
Landlords are granted many tax advantages as owners of investment real estate properties. Repair costs, utility bills, property taxes and vehicle mileage are a few of the expenses a landlord can deduct to offset rental income. Often, the largest deduction a landlord takes is the amount of interest paid to a lender on a mortgage placed on the rental property.
the interest paid for the year on a mortgage, landlords can deduct the costs of obtaining the mortgage. Whether the property was recently purchased or the mortgage is refinanced, loan origination fees, points and other costs may be amortized over the life of the loan. This results in a smaller deduction than is allowed for interest paid but is applicable for several years of tax returns. If a mortgage is paid off early and is subject to a prepayment penalty, the penalty is deductible as interest.

------------------------------------------------------------------------------

Miami Beach Real Estate
chris011

Registered:
Posts: 23
Reply with quote  #8 
To be honest i don't know that you can deduct the all the interest you pay out ,even though i experience having a mortgage debt at http://www.ktcfinland.fi/ .Well it is a good information and know i know that it is possible.
NoNonsenseLandlord

Registered:
Posts: 178
Reply with quote  #9 
you can deduct all the interest.  No problem.  it is a business.

Generate a P&L, then enter the data.

__________________
http://www.NoNonsenseLandlord.com/

Landlording for maximum profitability and Financial Independence

Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Apartment Finders > > Member Log-in > Free Trial Offer > Free E-newsletter > Customer Service > Get Free Stuff! > Run Credit Report > Rental Forms > Vacancy Center > Do-it-yourself > Evicting Your Tenant > Foreclosure Resources > Landlord Discussion Board > Income Tax Resources > Information Center > Join Landlord.com > Landlord Law > Library > Multi-family > Professional Advice > Rental & Property Mgmt > Rent Collection > Repair & Maintenance > Security Deposit > Software Center > Tenant Screening > Vacation Homes > What's New > Rental Agreements > Free Leases > Inside Our E-store > > Security Deposits > > Landlord Daily News > Rental Agreements >
LandscapingSanJose.net Resources: Cleaner Sunshine coast