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Taxation for non-primary residence

Hi,

In New Jersey, if I were to buy a house and rent it out, would I still be able to deduct the mortgage interest from my taxes?

If yes, is there a maximum deduction limit per year? Thanks.

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August 30 2012 - Staten Island
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I would ask this question to a CPA that you trust
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September 03 2012
You should post that question on a tax accounting forum.
We Realtors are taught to answer "you should check with your accountant"
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September 06 2012
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Mortgage interest (even of the primary residence) isn't directly deducted from one's taxes, but if your deductions are high enough may  reduce your taxable income. 

Similarly with rental property, the mortgage interest is part of the costs of the rental.  The exact deductions and what you are qualified to use depends on many details, best addressed by your accountant or tax accountant.

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September 06 2012
Hate to give the non-reply, but we don't have the expertise you need.  Please ask a qualified CPA.  If you don't know a good CPA in your area, I bet there's a Realtor in the area who can give you some recommendations!
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September 06 2012
 
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