Lets say my mortgage is $1500 a month and Im charging $2000 a month to my tenants. I profit $500.00 dollars a month off my rental property.
For the field where I enter in my rental income into TurboTax would I enter $24,000 ($2000 x 12 months) or do i enter what I actually profited in a year which is $6000.00 (500 x 12 months)?
As of now I have entered in the 24,000 dollars for the 'rental income' field. Then, I went and deducted 10,000 dollars of deductions (real estate taxes, mortgage interest and insurance premiums). BUT then in the income summary for this rental property it says that I've profited 14,000.00 (24,000 minus the 10,000). The problem is that is much more than i profited in reality!
Please help!
