
Quoting
RomanB
I have read posts about renting primary residence tax laws but still not comfortable as I feel that laws are not fair... Renting primary residence brings revenue but it also means that I have to live somewhere and pay rent that I would not pay if I did not rent out my house.
When I lived in my house I benefit from deduction of mortgage interest and property tax.
Now I rented out this property and rented another house to live in another state (had to move as I found a new job). I am getting some money in from my old home rent and spend them all on my new rental place. So, whatever I am earning from rental is offset by my new expense - rent that I pay to live. In such transaction I should not incur any losses to be fair.
However, it feels like I am going to loose money since I will not be able to deduct interest and property tax.
Am I missing something or it is just life that is not fair in general?