Primary Turning Into Rental

[Andy Vasquez]

Hi All,

New to the game here. Really appreiate this community and everyone's never ending help.

I have been living in my current home for 3 years. I am renting out starting June 24. Is it safe to assume that the loan interest, taxes, and PMI are deducted from taxable income.

My mortage is $4200 per month. I found a renter for exactly 4200 per month. $1300 P&I and the rest is interest, taxes, and PMI.

    1.    Is it fair to say that I would only be paying tax on the $1300?

    2.    For things such as repairing the garage door and pest control, do I subtract the cost from the P&I I recieve in rent ($1300) i.e, $1300 minus $30 (pest control) minus $40 (garage door sensor) =                     $1230 taxable income for that month?