If I owned a rental property and did not use it for personal use I could depreciate the home over 27.5 years but could not take the mortgage interest deduction. (edit: appears I have forgotten the rules, you can take the mortgage interest deduction as a passive deduction)
If I have a vacation home that I rent out 85 days and vacation at for 15, it appears that I can take advantage of 100% of the mortgage interest deduction and 85% of the deprecation. Simplifying of course, ignoring passive activity rules)
Is that generally a true statement? Sounds too good to be true. Am I missing something?
If I have a vacation home that I rent out 85 days and vacation at for 15, it appears that I can take advantage of 100% of the mortgage interest deduction and 85% of the deprecation. Simplifying of course, ignoring passive activity rules)
Is that generally a true statement? Sounds too good to be true. Am I missing something?
Federal Taxes: Mortgage Interest and Depreciation on Vacation Rental Property
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