More tax benefit if cash out next year ? rate 5.75%

cashout loan amount $110K,
rate 5.75%
buy 1 point,
closing cost $2600

Is this good deal?

Is the closing cost and the money for buying point tax deductible?

The property was bought this year, so we will only get about $8000 rental income for this year, and the repair cost was about $12000, the cost is higher than the income, Can this loss of $4000 be deducted from our income, either w-2 income or any other income?

For Tax purpose, can we get more benefit if we do the cashout refinance next year, when we get more rental income and the repair cost is low?

I'm totally new to investment property, thanks a lot.

所有跟帖： 

• 回答几个问题都可以啊！不用都回答。谢谢咯。 -CrystalWater- ♀ (0 bytes) () 09/18/2009 postreply 10:57:37

• Let me do my best to answer your questions -RE8888- ♂ (1525 bytes) () 09/18/2009 postreply 11:02:52

• 1. Renal House. 2. LTV 75% cash out -CrystalWater- ♀ (0 bytes) () 09/18/2009 postreply 11:10:03

• Thanks a lot! -CrystalWater- ♀ (0 bytes) () 09/18/2009 postreply 11:10:36

• Is the loss from schedule E still deduct able from w-2 income if -CrystalWater- ♀ (148 bytes) () 09/18/2009 postreply 11:19:49

• Please run it using Turbo Tax software. How you filed tax? -RE8888- ♂ (444 bytes) () 09/18/2009 postreply 11:39:13

• My husband do tax everyyear, he knows more than me. -CrystalWater- ♀ (0 bytes) () 09/18/2009 postreply 13:59:09

• 5.75% is a good rate for investment property. -比花花还花- ♂ (63 bytes) () 09/18/2009 postreply 11:57:43

• with 1 point and $2600 closing cost for 110K loan, LTV75%? -CrystalWater- ♀ (190 bytes) () 09/18/2009 postreply 14:05:00