Stupid questions ...

[Ows News]

I have a couple of relatively stupid questions. I have a feeling that I know the right answers, but in this business its not about "feelings", it's about facts. Please correct me if any of my statements are erroneous.

1. For rental properties, the interest portion of the mortgage counts as an expense on a tax basis. The principal payment of the mortgage is NOT viewed as an expense.

2. The depreciation method for a condo is the same for that of a single family house. I believed that land is not factor in the depreciation (27.5 years) for condo. If someone could help me out... are they any differences between the depreciation method for a condo compared to a single family house?

3. The basis of a house (tax form) is the amount of the loan rather than the purchase price of the house.