Is rental income revenue or profit?

When claiming income from rental property, do I claim the total amount paid by the tenant to me or do I claim how much money I made on the property (rent income - mortgage payment)?

posted

You must enter the gross income and then expenses to get the net rental income/loss. The information for both has to be reported to the IRS (especially for depreciation expenses)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"