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Financial Planning / Tax Strategies
|Subject: Another Rental Property Question||Date: 4/14/2008 2:05 AM|
|Author: ibarz||Number: 100292 of 122561|
I wanted to just clarify
1) The mortgage interests that I pay for the rental property is only calculated against my rental property income and cannot help lower my regular salary income tax?
2) Basically the same question: the property tax for the rental is regarded only as expense for the rental property?
3) If I keep piling up losses from my rental property (especially after I use the depreciation), does this all just keep adding up till I can hopefully use it in the future?
4) Kindly clarify: any rental property loss does not bring down your regular income taxes, it just carries over as a loss for future tax returns invloving the rental property?
THanks so much.
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