Client would like to know how much interest they could write off on their 2024 tax return and what their down payment would need to be if they purchased a rental property for $1,500,000.00 on Jan 1st 2024 using a 1st 2nd 3rd Mortgage. (Your client was told they could get a 3rd mortgage at 17%)

Two questions: What is the down-payment required and how much is the estimated total interest portion to be claimed on the future tax return?

Answer rating: 100% (QA)

To determine the down payment required for the purchase of a rental property we need to know the loantovalue LTV ratios for the first second and third ... View the full answer