Can you rent out an FHA home and still claim tax deductions?

Many people have the idea to purchase an FHA home and then rent it out. While there is nothing wrong with this as long as you do it by the rules, you should not consider taking the mortgage interest tax deduction on the property. In order to take a tax deduction on the amount of mortgage interest that you pay, it has to be on your primary residence or on a secondary property that you live in for a majority of the year. If you rent out the property all year long, then you will not be able to take the tax deduction.

For more info, read Can You Rent an FHA Home?
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