Updated about 5 years ago on . Most recent reply
Buying First Property
So.... we are finally buying our first rental property. I refinanced my personal home and used the equity to pay cash for the property. My question is...how do I document the mortgage expense since it is technically a part of my personal residence mortgage? I still want the be able to show this additional payment that I now have as an expense on the rental property. Have I messed up?
To further complicate it, I went from from a 30yr to a 15yr in the process, so it not just as simple as taking the difference in the old mortgage vs the new one to calculate the costs of the rental property monthly.