Tax write-off on Rental Property

General Real Estate Investing
1

I was wondering here about tax write-offs on Rental Propertys.

I have a $52,000 2nd mortgage (Consolidated 1st mortgage and credit card debt) with a $425 p&I payment with roughly anoter $80 in taxes and insurance. I recieve $550 per month for rent. I already know that i can write off the mortgage interest, but i am wondering if i can write off the whole payment, taxes and insurance, since it is an investment property. any advice would be greatly appreciated.

2

Yes you can deduct all of that. All of the Tax info can be found at :

http://www.irs.gov/pub/irs-pdf/p527.pdf?source=ttcom4home1

This is the IRS Publication dealing with Rental Properties/Income.

3

you can not write-off principle payments; only itmes that appear on SchE such as taxes, insurance, interest, etc.