Mortgage Payments
"I can claim my mortgage payments, the cost of my rent?
I am a homeowner for the first time this year, so forgive my ignorance, but I can claim my mortgage payments as an expense for my tax return? I see that the mortgage interest can be claimed, but is easily my biggest mortgage spending and the biggest reason he made no money on the property this year. Also what about condo fees? Thanks in advance for any help! Thanks for all the help! I use Taxcuts and depreciation is based on the wizard, but the amount is calculated is zero. I indeed may have to talk to a tax of this first year if I have a good record of income over expenditure.
No, but you can claim mortgage interest, property taxes and insurance costs. You can also deduct the property management fees, agent commissions rent, utilities, repairs and maintenance, depreciation, condo or HOA fees, etc. You do not deduct the portion that represents repayment of principal. Is presented in Appendix E to report income and expenses and Form 4652 to calculate the deduction for depreciation. If this is your first years as owner I recommend you consult a professional this year. You have to get the depreciation schedule set and configure a simple accounting system to track income and expenses. If any mistakes from the beginning, especially with the depreciation, which can be very expensive in recent years when it will sell.
‘Strategic Defaulters’ Skip Mortgage Payments as Home Values Tumble
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