Can landlords deduct mortgage payments or just the mortgage interest?

Oct 122010
 

Can landlords deduct mortgage payments or just the mortgage interest?
I have a rental unit on my property that is included with my mortgage. Can I claim that percentage of the mortgage as a deduction (based on square footage) or just the mortgage interest? (FYI: Yes I do have a tax professional but she is unavailable for a few days and I would just like to know for planning purposes). Thanks!!!

Best answer:

Answer by Wayne Z
Only the interest is deductible. Principal paid is never a deduction.

However…..

You depreciate the property and get a tax deduction for the original cost (plus improvements) over time. The net effect is similar to deducting principal.

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