Apologies if this is a basic question:
If someone has multiple properties rented out (some mortgaged, some not mortgaged), is the mortgage interest deductable from total rental income income or only deductable from the income on the properties that are mortgaged.
To put it anothe way - if the mortgage interest is MORE than the rental income on one property, can it be also offset again the income on a second rented property.
If someone has multiple properties rented out (some mortgaged, some not mortgaged), is the mortgage interest deductable from total rental income income or only deductable from the income on the properties that are mortgaged.
To put it anothe way - if the mortgage interest is MORE than the rental income on one property, can it be also offset again the income on a second rented property.