Solved
Is the monthly mortgage payment itself an expense for a rental home?
Hi,
Is my monthly mortgage payment an expense for a rental home?
The rent barely covers costs if this is included.
Thanks
No, just the interest you can expense. You have to depreciate the actual cost of the house over 27.5 years. You add the house as an Asset.
IRS Brief overview of depreciation….
http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/A-Brief-Overview-of-Depreciation
See IRS publ 946 for Depreciation
http://www.irs.gov/publications/p946/ch01.html#en_US_2010_publink1000107337
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