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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.

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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."

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.


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

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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 .



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.

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.


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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 .Well it is a good information and know i know that it is possible.

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.


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