Morgagate Payment Tax Deductible Question
Hi,
Lets say your proprty has $100,000 NOI, and you had an annual Mortgage payment of $80,000 composing of $50,000 interest and $30,000 in principle. Only the mortgage interest is tax deductible.. right?
Thus, the net savings would end up being (40% of $50,000)
Also, lets say, after writing off the morgage interest principle, you have a $0 taxable income.
Thus, then you also depreciation to worry about, would this depreciation deduction make your net income negative, making it reducable from some other income.
Am I right??? plz help
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