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Level 1
Feb 26, 2020 7:55 PM UTC
Solved

Rental Property

Can I claim a loss on my rental property when the mortgage payments paid exceed the rent payments received for the year?

    DoninGA
    DoninGAAnswer
    Level 15
    Feb 26, 2020 7:59 PM UTC

    No you cannot.

    Your rental property expense and the rental property income will either show a net profit or a net loss.

    You should be designating the rental property as an Asset to be depreciated which is an additional expense.

    1 reply

    DoninGA
    Level 15
    DoninGALevel 15Answer
    Level 15
    Feb 26, 2020 7:59 PM UTC

    No you cannot.

    Your rental property expense and the rental property income will either show a net profit or a net loss.

    You should be designating the rental property as an Asset to be depreciated which is an additional expense.