rental house

i rented out my house for 6 months of the year in 2007. is my depreciation, tax, interest on mortgage, and repairs and maintance deductable? if so at what percentage? thanks.

Sissa51,

Use Schedule E.
Your expenses are deductable for the renatal period.

You will also need to decrease your basis in the house for the amount of depreciation you have taken or should have taken.

If you are not renting to make a profit, you can not deduct more expenses than your rental income.

deductable at 50% or can i take 100%?

I will also be doing this, renting out a house from April through September and living somewhere else the rest of the year, so my question is what happens the rest of the year as far as tax deductions go?

Sisa51,

During the rental period, 100% of your expenses are deductable.

If your taxes are $4,800 per year, and you rent for 5 months, you could deduct $2,000 of the taxes.

If you are not renting your property to make a profit, your expenses are limited to your renatal income.

Tina.Anderson,

If you are actively seeking to rent the property, then you can deduct your expenses.

Keep written records of your activities and expenses.