I have same question. I have an annual loss on a Hawaii property after deducting management fees, repairs, HOA fees and depreciation. When I fill out the Turbo Tax form, it only asks me for the "Gross Receipts." No where does it ask me for my expenses. Don't expenses matter? Or does Hawaii have an automatic tax on Gross Receipts even if you are losing money. Turbo Tax has no explanation for this that I can find.
