The mortgage and property manager costs are equal to or greater than the rental payments. If anything I loose money each year when expenses are factored in. Do I still need to plug it into TurboTax?
Yes, you have to report the income and related expenses of your rental property in your tax return on Schedule E. The net loss (if any) may help you offset sale profit should you decide to sell the rental property in the future.
You can deduct the interest on mortgage, not the full mortgage payment.
Also, rental property is considered a depreciable asset, as are major improvements such as new roofs, landscaping, refrigerators, water heaters, furniture, and so forth.
TurboTax Premier and Self-Employed (and Home & Business if you're using TurboTax CD/Download) will help you handle the ins and outs of depreciation. We'll even figure out which depreciation method gives you the biggest tax break, based on your particular situation. See the following answer to the FAQ on where to inter your rental income and related expenses in TurboTax.
https://ttlc.intuit.com/replies/3288530
Also see the following answer to the FAQ on what rental expense you can deduct.
https://ttlc.intuit.com/replies/4209856
[edited: 1/21/2017 | 05:40 PM PST ]
Yes, you have to report the income and related expenses of your rental property in your tax return on Schedule E. The net loss (if any) may help you offset sale profit should you decide to sell the rental property in the future.
You can deduct the interest on mortgage, not the full mortgage payment.
Also, rental property is considered a depreciable asset, as are major improvements such as new roofs, landscaping, refrigerators, water heaters, furniture, and so forth.
TurboTax Premier and Self-Employed (and Home & Business if you're using TurboTax CD/Download) will help you handle the ins and outs of depreciation. We'll even figure out which depreciation method gives you the biggest tax break, based on your particular situation. See the following answer to the FAQ on where to inter your rental income and related expenses in TurboTax.
https://ttlc.intuit.com/replies/3288530
Also see the following answer to the FAQ on what rental expense you can deduct.
https://ttlc.intuit.com/replies/4209856
[edited: 1/21/2017 | 05:40 PM PST ]