Vanessa A
Expert Alumni

Investors & landlords

You need to report the full $14,400 you receive for the year then add expenses to show how you get to the final number.

 

You could go back and amend your returns if you itemize, however, unless you have a large amount of deductible medical expenses, it is very likely since your mortgage interest is less than $3,100 per year that you would not see any change in your return.

 

Do you have income other than the rental income?  Are you on Social Security?  Do you have taxable income?  Do you pay anything in or get everything back?  If you don't pay anything in every year, and have no tax liability when it is all said and done, then there would be no reason to go back and amend your returns as it would not do anything for you. 

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