The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/to-tell-you-the-truth-its-come-up-a-lot-13375887.aspx

Subject:  Re: mortgage interest for rental property Date:  9/26/2000  11:29 PM
Author:  JABoa Number:  40342 of 121599

To tell you the truth, it's come up a lot. However, you report your rental income on Schedule E, and your expenses, like mortgage interest on that property, also on Schedule E. This is to one's advantage if you are in the circumstance where you would do better to take the standard deduction.

It's not an option, Schedule E is where your income and expenses for rental property must all be reported. Depreciation goes there too. This helps in the near term, but may hurt in the long term depending on how rich or poor you are when you sell.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us