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vlrey
New Member

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

 
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Accepted Solutions
Coleen3
Intuit Alumni

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

What your tenants pay you is rent and is reported as income and the mortgage is an expense against the income.

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6 Replies
SweetieJean
Level 15

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

Yes you do.
ghost
Level 8

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

Yes. You must report your rental property on Schedule E. You will likely show a loss due to the depreciation of your property.
ghost
Level 8

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

Refer to IRS publication 527
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p527.pdf">https://www.irs.gov/pub/irs-pdf/p527.pdf</a>
vlrey
New Member

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

Thanks
Coleen3
Intuit Alumni

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

What your tenants pay you is rent and is reported as income and the mortgage is an expense against the income.

SweetieJean
Level 15

If I still have a mortgage on a rental home and my tenants pay rent which I use to pay it do I have to claim as income?

Only mortgage interest (not principal) can be deducted.
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