If I am renting a house that I am still paying mortgage on, do I use the total amt of rent the renters paid to me, or do I claim what I actually gained after mortgage pmt

[AnnetteB · Accepted solution]

You will claim the amount that you receive from your renters as rental income.  Then you will deduct your expenses (including your mortgage interest) from that income to determine your overall income or loss from your rental property.

Use the following steps to go to the rental income and expenses section of your return:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

• This opens a box where you can type in “rental income and expenses” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

• The search results will give you an option to “Jump to rental income and expenses”

• Click on the blue “Jump to rental income and expenses” link and enter