The estimate of the net income on my rental property only includes the rent received (gross income). Is there a way to factor in the mortgage payments on the property?
The true net income is significantly lower than what Turbotax is listing (which is the gross), obviously, as I still have payments on the property. Do mortgage payments get factored into this at all in order to determine the net income?
Yes, you can enter rental expenses against that rental income - not the mortgage payment, but the mortgage interest only. In addition, you can deduct property taxes, repair and maintenance costs, etc. In addition, you must depreciate the property.
