Colli Real Estate

Personal income tax on rental property?

If I buy an investment multi-family building, can I deduct my mortgage and all costs of running the building from the rental income and only pay income tax on what’s left as profit?

You can deduct the interest on the mortgage. You cannot deduct the rest of the mortgage payment (the principal). You can deduct the depreciation on the building (but not the land). You can deduct the real estate taxes (on both the building and the land). You can deduct the utilities. You can deduct expenses that are truly just to maintenance or repair the property, but expenses for improving the property are more complicated.

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