Real Estate Tax Question


Dave Brandman

I purchased in August 2003 a house that will become my permanent
home in June 2004. The previous owner of the home is renting
the home back from me for 10 months while his own new home is
being built. He is paying market rates for the rental.

I will have a net rental loss for both 2003 and for the entire
10 month period, in particular because I paid 3.5 points (about
$11,000) on the mortgage to buy down the rate to 3%. Were it
not for this expense, I would have a net profit on the rental.

I am married, and gross family income is over $150K.

Is there any way I can preserve the full benefit of this



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