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You must report the gross income (in your case, $1,500) from your rental property. You may then deduct all ordinary and necessary expenses, such as mortgage interest (not principal reduction), real estate taxes, repairs and maintenance, depreciation, etc.
Please follow these easy steps to enter your rental expenses:
You must report the gross income (in your case, $1,500) from your rental property. You may then deduct all ordinary and necessary expenses, such as mortgage interest (not principal reduction), real estate taxes, repairs and maintenance, depreciation, etc.
Please follow these easy steps to enter your rental expenses:
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