Forum Thread

Any CPAs or Tax experts in the house?

rocky2007 2,350 1,657 April 12, 2016 at 10:41 AM
Deal
Score
0
2,005 Views

Thread Details

I need information before I file taxes.

Last year, i paid off second mortgage on rental property. How can I maximize my returns on it, can I charge the complete payoff as expense?

Any help is greatly appreciated.

6 Comments

1

Sign up for a Slickdeals account to remove this ad.

#2
Quote from rocky2007 View Post :
I need information before I file taxes.

Last year, i paid off second mortgage on rental property. How can I maximize my returns on it, can I charge the complete payoff as expense?

Any help is greatly appreciated.

I am no CPA, but only interest is deductible on any mortgage or loan. You can not deduct the payment of principal as an expense.
Reply Helpful Comment? 0 0
#3
i am no expert but i am going to agree with the above. No.
Reply Helpful Comment? 0 0
#4
No, you cannot write-off the whole payoff. Only the portion that is related to mortgage interest is deductible. You are keeping the principal on the house so you can't deduct that. Without knowing your income and situations, I cannot give you a recommendation on how to reduce your taxes.
Reply Helpful Comment? 0 0
Joined Oct 2009
If It's Free, It's for Me
1,487 Posts
359 Reputation
#5
Rarely is a mortgage principle payment a deduction. Nor for a rental or personal property. Only mortgage interest. Take a look at Schedule E of a 1040 for other expenses you can write off.
Reply Helpful Comment? 0 0
#6
Uh, no. No. Just... no.
Reply Helpful Comment? 0 0
I totally want to cut off your skin and wear it to my birthday... It's coming up...
#7
No. You should check whether you benefit to offset income in current yr or carry PAL until sold. If that gets you to a gain on sch E, you are not benefiting tax wise. Peace of mind, maybe.
Reply Helpful Comment? 0 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Copyright 1999 - 2016. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard