Skip Navigation
StreetEasy

Renting Out a Condo: Tax Consequences

Started by Tony
over 17 years ago
Posts: 140
Member since: Feb 2008
Discussion about
Does anyone have any suggestions on good material on the tax consequences of renting out a condo? Main questions are: (1) If there is a loss, and assuming I am actively managing the property, are there any income restrictions on my ability to take the loss as a deduction from overall income? (2) How much can be depreciated? (3) Is it possible to continue taking the mortgage interest deduction while renting it out?
Response by surdy
over 17 years ago
Posts: 121
Member since: May 2008

http://www.irs.gov/pub/irs-pdf/p527.pdf

And it's a bit more complicated than that. You will still need a good accountant.

Ignored comment. Unhide
Response by csn
over 17 years ago
Posts: 450
Member since: Dec 2007

Is this a condo that you will be renting out all the time or will you be living there certain times of the year? A book with all the information you may want to read is "Rich Dad's Real Estate Advantages" by Lechter and Sutton. I rent out condos in Manhattan but some of the questions could have many answers depending on your circumstances.

Ignored comment. Unhide

Add Your Comment

Most popular

  1. Are there any post-election fire sales?
    13 Comments
  2. Pre-election luxury market
    68 Comments
  3. Mamdani and rent control
    47 Comments
  4. Dentist and gold crowns
    23 Comments
  5. sub tenant in place
    13 Comments