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    avinashdurge's Avatar
    avinashdurge Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 13, 2009, 02:42 AM
    Can we take deduction of house rent and housing loan boath
    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's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    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's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
    		  
    #3

    May 8, 2009, 08:18 AM

    Only the interest is deductible. Principal is never deductible.
    Zazonker's Avatar
    Zazonker Posts: 126, Reputation: 19
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    #4

    May 8, 2009, 12:47 PM
    Aninash,
    Something is confusing about your question. Why would you have a mortgage and be paying rent on the same property? Seems like there's more to the story then you've told us.
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