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Best to stay put until prices rise
Question: I own a town house that I would like to rent out so I can buy a bigger place. Based on nearby comparable rentals, I will lose about $800 a month (the difference between the mortgage payment and the rental income). I'm hoping that in a year or two, the local market will appreciate and the town house sale will be less painful. Am I required to depreciate the town house on my tax returns? Because I will have an "unclaimed" excess mortgage interest deduction, can I claim the remainder of the interest on my Schedule A deductions?