Scenario: We are considering buying a house with a guest house that is not permitted as a rental. We would rent the guest house, and want to know if there would be any tax deductions
. We also have some related questions.
1. Should we have itemized for the last tax year (based on ~19k of mortgage interest
2. If we bought the house, can the rented guest apartment be a tax deduction
if it is not permitted as a rental?
3. Are property taxes tax deductible
for the house that we will live in and own (not talking about the rental now, just want to know if property taxes are a deductible
4. What is the standard deduction rate
for married couple filing
jointly for 2015?
5. Based on the anticipated mortgage interest, and property tax rate
, would we be expected to exceed the standard deduction limit for the 2015 tax year?
6. Can the rented guest apartment be deducted from taxes (per amortization schedule over 27 years)?
7. Do our itemized deductions
need to exceed the standard deduction limit for us
to deduct the amortized rental property
value, or is this deducted from the rental income
regardless of whether or not our deductible expenses exceed the standard deduction?
8. Any advice on the matter is welcome.