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Updated almost 7 years ago,
deduction rental, property tax and mortgage interest
I wanted to buy an investment property for rental.
my payments on my primary residence will hit the limit for mortgage interest and property tax deduction under the proposed GOP tax plan.
But as I recall doing my taxes on rental property before, the mortgage interest and property tax falls under business expense and is not affected by new GOP tax plan?
I plan to split the down/month payment, and income / expenses with another family "couple" 50/50, is there issues there?
if we do not setup an LLC , could we both be able to claim this as a business and its expenses (50% of the numbers) etc. Last time I did not have LLC and just reported the rental income and deduction but I was the only person owning the investment property.