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Borrowings on property tax deductable?

jimmmy · 2009-09-22 16:13:54

A friend has asked me to clarify the following. He has three houses ...all have mortgages. None are section 23 / 27 / 50. One is let to a tenant One is empty and is in a part of the country where there are no tenants. One is empty but ( until the rental market improves anyway ) used as a store for some materials for the…

22-09-2009 4:13pm

#1

jimmmy

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A friend has asked me to clarify the following. He has three houses ...all have mortgages. None are section 23 / 27 / 50.
One is let to a tenant One is empty and is in a part of the country where there are no tenants. One is empty but ( until the rental market improves anyway ) used as a store for some materials for the owners business.
My question is...say the interest payments to the bank are 10 k a year on each...are these all deductible from the gross profit on the owners main business / income ?
Thanks in advance for any replies.

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