I wish to rent my house and want to move to aprtment. I am paying mortgate on my house.
Can I get any rebate on rent from my house. If it is taxable how much tax I have to pay?
Do I get any rebate on the intrest I am paying for mortgate?
Posts: 2873
Location: Western Hemisphere
Posted on: 08-01-06 11:57:20
Location: Western Hemisphere
Posted on: 08-01-06 11:57:20
The rental income should be declared as income and will be taxed at whatever tax bracket you currently are.
The deductions you can claim are the utilities you pay on the rental, mortgage interest, property taxes, misc repair expenses and home insurance. A tax professional might be able to identify more deductions.
Hope this helps.
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Dimple2001
Thank you very much. It was great help.
