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renting a property

C

CasioTech

Diamond Member
I am renting one investment property of mine for $1350, it is costing me $1500 after maintenance, taxes, insurance, some utilities, and mortgage, etc.

How will I be taxed in terms of income when I am losing money on this rental property? Any help would be appreciated.


Tia.
 
Not sure how it works in the US, but for my rental properties in Canada, the cost of the property (maintenance fees, mortgage interest, depreciation, etc.) is deducted from the rental income. If it is a negative balance then that loss will reduce taxable income from other sources. IANAA and YMMV
 
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