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Investors & landlords
Rental income is the gross income you receive from your tenant, the $1,000/month in your example.
You also should note that you cannot deduct your monthly payment of $789. You can only deduct the portion of the payment that represents interest.
You can also depreciate the rental property. The TT Premier version you are using can help walk you through this.
May 31, 2019
11:40 PM