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I rent out my home that has a mortgage and don’t really make anything. How do I put this on my taxes without hurt myself?

Also, any deductions for Cystic Fibrosis (children)?
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I rent out my home that has a mortgage and don’t really make anything. How do I put this on my taxes without hurt myself?

First you must upgrade to Premier to enter rental income, expenses, depreciation, etc.

When did you start renting it out?  The cash flow is irrelevant for tax purposes, as you cannot deduct mortgage principal, only interest. 

  • Go to My Account > Tools > Topic Search
  • Type rental in the search box and click Go.
  • Answer Yes to Do you want to review your rental and royalty information.
  • Proceed through the entire interview to enter your rental property information and enter income and expenses.
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    2 Replies

    I rent out my home that has a mortgage and don’t really make anything. How do I put this on my taxes without hurt myself?

    First you must upgrade to Premier to enter rental income, expenses, depreciation, etc.

    When did you start renting it out?  The cash flow is irrelevant for tax purposes, as you cannot deduct mortgage principal, only interest. 

  • Go to My Account > Tools > Topic Search
  • Type rental in the search box and click Go.
  • Answer Yes to Do you want to review your rental and royalty information.
  • Proceed through the entire interview to enter your rental property information and enter income and expenses.
  • I rent out my home that has a mortgage and don’t really make anything. How do I put this on my taxes without hurt myself?

    There are no special Federal deductions for Cystic Fibrosis, other than the usual Medical ones.
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