What is the better tax decision on rental real estate property?
May 3rd, 2010Last year I was able to tax a ,000 tax deduction for interest, principle, and insurance on my taxes and received a decent tax credit. I am renting my property out and will incure a loss of about 0 per month and a depreciation amount of 0 per month for a total of ,800 for the year. Will my tax credit be better or worse? I am ignorant as to how the regular deductions are taken vs. a loss of income? Thanks for the help!
Replys
I don’t think you even know what the proper question is for your situation. You really should consider seeking help from a tax professional. You are likely to save a few tax dollars or at least the grief of a tax audit regarding the deduction you are taking.
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