You bought a revenue property on March 1, 2020. You paid $386,000 for the property and put 20% down. You took out a mortgage with a 25 year amortization and an initial 5-year fixed interest rate of 2.65% and a monthly payment schedule. You spent most of 2020 renovating the property and rented it out late in the year. It is now April of 2022 and you are preparing your taxes and need to determine the amount of interest that you paid on the mortgage in 2021 so that you can deduct it as a current expense against the rent that you reported as income during the year. 

How much interest was paid on the mortgage during 2021?

Answer rating: 100% (QA)

To determine the amount of interest paid on the mortgage during 2021 we need to consider the mortgag... View the full answer