Let’s say we pay X amount in mortgage.My question is : how do I calculate mortgage/interest/property tax for other house which we have rented so that I can deduct that from rental income?

It would be same as saying you also owe future taxes and insurance.

Work with an experienced tax planner/strategist specializing in real estate and not merely a general tax preparer.

This means expect tax increases, expect HOI increases, expect tenant issues, PM issues, capex issues, everything in between.

What would be the best way to do this for tax purposes, liability, and breaks?

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.The site has quite a few tools that can be helpful for new members.

For primary home lending, several banks have Foreign National programs that accept a foreign credit report.

And the property assessment would need to be changed, and of course, taxes increased, as well as separate utilities.

Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.

Tax Benefits.