renting for a loss and taxes
I am considering listing my rental with a price that would lose me 200 a month. What kind of write off would I be looking at on my taxes. Using round numbers here is my situation.
I bought a new house for the family and instead of selling are old house we decided to rent it. Market says rental price should be around 1600, I need 1800 for my mortgage. I have had the house listed for several months now and keep hearing the same thing from prospective tenants, I can get more for less. I figure taking a 2400 dollar hit is better than continuing to lose a full month mortgage payment.
Thansk
Dan