Mortgage Taxes And Insurance Payments

Renting out our primary residence.Can we still claim homestead exemption it’s the only home we own..Florida?

It wil be the only home that we own it is in Florida.We will be renting in the city where the job is and plan to rent out our current home during that project at a loss to our current mortgage,tax and insurance payments.Not concerned about Capital Gains loss in the future either, as our home is worth so much less than what we paid for it now.Any tax advice would be helpful as well for deductions.

Thanks!

This is not your primary residence, you are not living in it. This is investment property and can not be homesteaded.

You will need a tax advisor, as you have all of this additional income to claim and your deductions are not the same as your primary residence, which you will not be able to claim, as it is a rental.

Home Mortgage Interest Income Tax Deduction 2011, 2012

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