If you go to http://www.irs.gov you can find out what items are tax deductible.
I was under the impression that interest paid on real estate property owned are tax deductible....ie, whoever pays the mortgage and taxes on a particular real estate can receive the tax deductions.
I hope this helps
JB[ Edited by millionaireinthemaking on Date 05/26/2004 ]
For your rental property, yes. For your primary residence, no.
If you go to http://www.irs.gov you can find out what items are tax deductible.
I was under the impression that interest paid on real estate property owned are tax deductible....ie, whoever pays the mortgage and taxes on a particular real estate can receive the tax deductions.
I hope this helps
JB[ Edited by millionaireinthemaking on Date 05/26/2004 ]
millionaire,
PMI is an insurance expense, not an interest expense. Insurance expense is deductible for your rental property, but not for your primary residence.
Thanks DaveT for the clarification.
Would PMI paid on a "flip" property (single family home) be deductible as a business expense?