Can I Writeoff The Mortgage Interest Payment For Tax Purpose For My Second Home(rental Property) In California

Fri, Oct 23, 2009

Can I write off the mortgage interest and the property taxes paid for my second property which is a rental property for tax benifits.
Both the properties are located in california.
I also own an investment property outside california. Can I also write off the interest payment for that property.

California, Homerental, Interest, Mortgage, Payment, Property, Purpose, Second, Writeoff

2 Responses to “Can I Writeoff The Mortgage Interest Payment For Tax Purpose For My Second Home(rental Property) In California”

mandy Says:
October 23rd, 2009 at 10:42 am

Rental property is not a “second home” for you, and you can’t write off the interest on schedule A.
Your rental income and expenses will be listed on a schedule E. You can write off those items there for the rental property, whether you itemize or not – they are totally separate.
You will show your rental income and expenses for the property outside of CA on a schedule E also.

Judy Says:
October 23rd, 2009 at 10:48 am

Rental income and expenses go on schedule E. If you have a loss for the year, the loss may have to be deferred to a later year.
Investment interest expenses is often deferred since you must have investment income to offset against it.

Make California Home