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Updated almost 8 years ago on . Most recent reply

Tyson Hosey's profile image
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Tyson Hosey
  • Rental Property Investor
  • from St. Louis, Missouri
  • Member since Aug 25, 2016
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Tyson Hosey
  • Rental Property Investor
  • from St. Louis, Missouri
  • Member since Aug 25, 2016
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Tyson Hosey
  • Rental Property Investor
  • St. Louis, MO
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Tax, SDIRAs & Cost Segregation

Deducting principle payments on mortgage

Tyson Hosey
  • Rental Property Investor
  • St. Louis, MO
Posted

Hey BP. Quick tax question: I know that I can deduct my mortgage interest, property taxes and homeowners insurance on my taxes, but can I deduct the principle payments along with all of that?

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Lance Lvovsky
  • Accountant
  • from Fort Lauderdale, FL
  • Member since Jun 5, 2013
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Lance Lvovsky
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  • from Fort Lauderdale, FL
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
Replied

You cannot deduct principle payments. Think of it this way - you received the loan tax-free. It would be a double tax benefit to get a deduction on paying back the loan principal.

  • Lance Lvovsky
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