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| Subject: Re: Another Rental Property Question | Date: 4/14/2008 6:56 AM | |
| Author: TMFPMarti | Number: 100295 of 126018 | |
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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? Kinda, sorta. These items begin their income tax life on Schedule E. How your rental activity winds up affecting your return depends on what happens on the Schedule E plus other considerations. 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? Totally wrong. You need to start with Publication 527, which tells you how to get to the bottom line of Schedule E and what to do if that number is a loss. Phil |
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