/u/calicoshore on Claiming interest deduction against rental income for home previously pror

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There are certain rules that apply to deducting interest on loans used to purchase or improve a rental property. (Learn more about the many tax deductions to rental property owners.) Interest on Loan Proceeds Kept in the Bank. You get no rental deduction for interest you pay on loan proceeds that you keep in the bank.

The receipt of rent is treated as the carrying on of a trade, and expenses are only allowed to the extent that they would be allowed for that trade. Mortgage Interest. You may be allowed claim Mortgage Interest Relief against your rental income. The interest must be from a mortgage that is used to purchase, improve or repair your rental property.

Income from house property: deduction for Interest on Loan In case the taxpayer has borrowed capital for the purpose of acquiring, constructing, repairing, renewing or reconstructing any property, the amount of interest payable on such loan is allowed as a deduction.

Examples to show how the parts ‘Claim for Deduction for Interest Payments to Produce Rental Income from Properties’ and ‘Claim for Deduction for Home Loan Interest’ are to be completed Scenario 1: You have 2 solely-owned properties, Property A and Property B. Property

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deductions against vacant property. but it’s been vacant since then due to the remodeling. I know I can claim the 2011 deductions because I have rental income to offset them.. interest from Jun 2011 to the end of the year becomes investment interest to be deducted on Schedule A instead of.

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Remember, rental income is tax-free only if you rent for 14 days or fewer. The key to maximizing deductions is keeping annual personal use of your vacation home to fewer than 15 days or 10% of the total rental days, whichever is greater. In that case the vacation home can be treated as a rental, meaning you get the same generous deductions.