 Down Payment Tax Credit (by Tom [KY]) Jan 16, 2018 7:21 AM
 Down Payment Tax Credit (by S i d [MO]) Jan 16, 2018 8:19 AM
Down Payment Tax Credit (by LindaJ [NY]) Jan 16, 2018 8:35 AM
Down Payment Tax Credit (by NC INVESTOR [NC]) Jan 16, 2018 8:19 PM
Down Payment Tax Credit (by Tom [KY]) Posted on: Jan 16, 2018 7:21 AM
Message:
How much of a tax credit is allowed by the IRS for a rental property down payment?
For example: If $50k down payment is made on a $200k SFH how will this impact taxes? Will a tax credit apply toward other earned income or passive income?
Thanks. --96.28.xxx.xxx |
Down Payment Tax Credit (by S i d [MO]) Posted on: Jan 16, 2018 8:19 AM
Message:
There is no tax credit for a down payment on a rental property. Unless the new tax law contains some sweet provision I haven't heard of yet.... (grins)
Sorry to be the bearer of bad news. --173.19.xx.xxx |
Down Payment Tax Credit (by LindaJ [NY]) Posted on: Jan 16, 2018 8:35 AM
Message:
Nothing for down payment, you depreciate the amount you paid, you can deduct the interest you pay each year. You can deduct your points for the mortgage, the lawyer fees, taxes etc that are you costs for closing. I guess if somehow you lost that down payment on your investment, you could deduct that. Maybe your state has some credit? --96.236.xx.xx |
Down Payment Tax Credit (by NC INVESTOR [NC]) Posted on: Jan 16, 2018 8:19 PM
Message:
Deductible closing costs are interest, certain types of points but not all, and real property taxes . The down payment plus other settlement costs become part of your cost basis which is depreciation deduction.
Not sure if the new tax law affects this but since I haven't seen anything written about it so I assume it remains the same. --71.75.xx.xx |
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