Have a Tax Question? Ask a Tax Expert
Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!
Yes, absolutely. This would be a legitimate interest deduction on your schedule E on which you report the operations regarding your rental property. This wouldn't be deductible on Schedule A as mortgage interest on your principal residence, but it would be mortgage interest on your rental property and thus deductible.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (hopefully Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!