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avinashdurge
Mar 13, 2009, 02:42 AM
to

Ris,sir.

My Question is that can we taken deduction of housing loan (Interest +Principal) And House rent as per specification in rule Boath . Pl specifay me

Thanks
With Regards

Aninash Durge
AtlantaTaxExpert
May 5, 2009, 01:22 PM
Typically, you can only deduct the interest portion of a mortgage payment, plus the real estate taxes are deductible.

Both are itemized deductions, which MUST exceed the standard deduction to be deductible.
IntlTax
May 8, 2009, 08:18 AM
Only the interest is deductible. Principal is never deductible.
Zazonker
May 8, 2009, 12:47 PM
Aninash,
Something is confusing about your question. Why would you have a morgage and be paying rent on the same property? Seems like there's more to the story then you've told us.