Hello, I have found that when I enter my 'gross=total' rental income in Turbo Tax, and do not enter the mortgage pymts for that rental property, it pushed us into a different tax bracket, but we never made much profit on the house, we took home (net) only a couple thousand but it shows well over and never does Turbo Tax ask me for the mortgage Payments- only mortgage interest in the 'expense' portion. The worse part of including total (gross) rental income is that now we are also being charge an AMT- alternative Mininum tax. I think it is because my total "Take HOME" income (AGI) appears high, when in fact, it's not. I was also told that I couldn't receive a lot of tax benefits or deduct all my expenses because my "Income level is too high" My REAL take home income level is not as high as it appears if i'm able to include my monthly mortgage on the rental property- I need help- PLEASE!
