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Reply to "crude tax question - if you are renting out your home for less than your mortgage..."
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[quote=Anonymous][quote=Anonymous]OP here, thanks. We make 200K HHI. Can we still deduct the mortgage interest and claim the depreciation?[/quote] Those assholes will sure as hell increase FICA with inflation but won't adjust deduction created in the 80s. Not sure why no one has pushed for them to increase the limit to the 300k limit like they have done with deductions. "The $25,000 allowed passive loss is phased out if your modified adjusted gross income is between $100,000 and $150,000. You lose $1 of deduction for every $2 your income goes above $100,000." [/quote]
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