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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We owe $312,000. Paid $330,000. Have had the kitchen redone and have not had an appraisal since. Would need to sell it for at least $345,000 to break even. Also, don't we have to report the rent as income?[/quote] Yes, you do but you also get to take a ton of deductions, including depreciation. If your income is below a certain level, you can deduct the losses against ordinary income, though you will above that level. Still, there can be tax benefits to a rental property which is one reason people do it. [/quote] you get to deduct the mortgage as a business expense (for the rental property) as well as the HOA fees. [/quote]
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