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Reply to "i own a rental condo; any good ideas about how to maximize deductions?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][b]depreciation[/b] cleaning fees cost for advertising vehicle gas and maintenance driving to and from unit condo fees taxes insurance [b]mortgage[/b][/quote] You can only deduct mortgage interest, not the payment of the principal.[/quote] Yep, you cannot deduct principal portion of the mortgage. Also, when you sell, you have to subtract depreciation from the cost basis... another words, you pay the taxes on the depreciation at the time of sale. [/quote]
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