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Asked 12/5/2007
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Rental income tax return effect I have a current mortgage on my townhome in Massachusetts and I am thinking of renting the unit. My current mortgage payment is $1130.58 of which 781.33 is interest and 173.69 goes to taxes. The townhouse was purchased in Feb of 2006. The most I can get for rent is $1000/ month. I was wondering if I rent it out how it will effect my taxes return. |
Answer 1/3 - Submitted 5/8/2008
Answer 2/3 - Submitted 9/15/2010
Answer 3/3 - Submitted 9/15/2010
You will be taxed on any rent you receive, Although you can offset your mortgage interest and furniture depreciation against your rentable income.
However you must also take into account where you are going to live when you rent your home out. If you move to something bigger you will end up worse off.
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