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Unlike wages, rental income is not subject to FICA taxes. Your income is everything you get from rents and royalties on the property, minus any deductible expenses. You can only deduct mortgage interest and repairs you make that restore the property to its original minimally functional condition. Propertytaxes.
Cons: Potential for Dual Mortgages: If your current home doesn’t sell quickly, you might end up juggling two mortgages, along with other costs like utilities, taxes, homeowners association (HOA) fees and insurance. No Double Mortgages: Avoid the financial strain of covering two mortgages at once.
Potential for Appreciation : Well-chosen properties in growing markets can appreciate significantly over time. Tax Advantages : Depreciation, mortgage interest deductions, cost segregation, and 1031 exchanges can substantially reduce taxable income. Pay special attention to any assumptions about expense growth.
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