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An important detail on mortgage interest deduction for landlordsQuestion: Does it matter how high my mortgages are on each property? Isn't the interest tax-deductible regardless on which property secures the loan?Answer: In many cases, it will not matter. However, I ran last year into a situation where I found out, it does matter for me now.Simplified example: - earned annual income of $110k - primary residence, mortgage interest $50k - 3 rental homes, total mortgage interest $50k - 3 rental homes, total rent +$50k - 3 rental homes, depreciation $50k Taxable income: +$110k - $50k - $50k + $50k - $50k = $60k It all gets lumped together, about $60k taxable income. Now a small change - higher earned income: - earned annual income of $300k - primary residence, mortgage interest $50k - 3 rental homes, total mortgage interest $50k - 3 rental homes, total rent +$50k - 3 rental homes, depreciation $50k Once the AGI is over $150k, you no longer can deduct passive losses (rental interest, rental depreciation) from earned income. Taxable: Earned income: $300k - $50k = $250k taxable Rentals: -$50k + $50k - $50 = -$50k = a loss You can carry this loss forward and it will help you when you sell those rental properties. I personally am in that situation. I found out about it in November 2006. I wish I had found out about it in JANUARY 2006. The solution is to maximize the loan on your primary residence. The following would look better: - earned annual income of $300k - primary residence, mortgage interest $100k - 3 rental homes, total rent +$50k - 3 rental homes, depreciation $50k Rent and depreciation still cancel each other out. But the taxable earned income goes from 250k to 200k. It was too late to do something about that in November.
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