Have a commercial property I make payments on. Can I use the interest as tax savings on my personal income? - commercial property for sale mississauga
I have a commercial property in detail. It has 3 windows of shops and three are leased. I wonder if I there are extra payments on my personal income against the mortgage on the property and use interest payments to my taxable income to reduce my personal income?
Sunday, January 10, 2010
Commercial Property For Sale Mississauga Have A Commercial Property I Make Payments On. Can I Use The Interest As Tax Savings On My Personal Income?
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1 comments:
First things first.
You already pay the interest, so that any further reduction of debt repayments, provide no tax advantage.
Unless you are a real estate agent, letting your activity is passive income, and is limited to a maximum of U.S. $ 3,000 deducted from income tax. All sources of passive income generated each year, you deduct is $ 3000 per year, regardless of the number of different businesses or properties, or activities that are considered passive income.
Further losses may be delayed up to three years or forward up to seven years, but they are lost forever after that.
Repayment of capital is probably in your best financial interests, because they reduce the return on their investment. Here you will find a tax planner or financial planner to find ways to maximize, to the return on investment on the after-tax basis.
I recommend that you use the money to a deferred pension, instead of reducing taxes, the most important. When properly configured, you can guarantee your Retiparticular account as a partner to invest in real estate and the acquisition of a series of tax breaks. Here too, experts see in your area.
Good luck to you!
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