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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]All of the above are still only sort of correct. Regardless of income you can deduct depreciation and mortgage interest. However, whether that can result in a negative ( in which case you could deduct it against ordinary income) is subject to an income restriction. If you are subject to the income restriction the deduction is not lost, but you have o carry it forward until you have rental income to offset it. For everyone, when you sell you pay a recapture tax on depreciation at a special flat tax rate of 25%.[/quote]
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