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jdmarmolejojr
New Member

Is rental income what I get each month or what I make of rent after the payment for home, example is my mortgage is 1700 but I only get 1400 for rent

 
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VolvoGirl
Level 15

Is rental income what I get each month or what I make of rent after the payment for home, example is my mortgage is 1700 but I only get 1400 for rent

And you enter the amount of rent you received for the whole year.  So 1,400 x 12.  You enter the total rent you received for the year.  Then you enter your expenses like Mortgage Interest, Property Tax, Insurance, Repairs, etc.  You can only deduct mortgage interest not the principal part of the mortgage.  You should be depreciating the cost of the rental over 27.5 years, that will take care of the principal part of the mortgage.

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VolvoGirl
Level 15

Is rental income what I get each month or what I make of rent after the payment for home, example is my mortgage is 1700 but I only get 1400 for rent

And you enter the amount of rent you received for the whole year.  So 1,400 x 12.  You enter the total rent you received for the year.  Then you enter your expenses like Mortgage Interest, Property Tax, Insurance, Repairs, etc.  You can only deduct mortgage interest not the principal part of the mortgage.  You should be depreciating the cost of the rental over 27.5 years, that will take care of the principal part of the mortgage.
SweetieJean
Level 15

Is rental income what I get each month or what I make of rent after the payment for home, example is my mortgage is 1700 but I only get 1400 for rent

SweetieJean
Level 15

Is rental income what I get each month or what I make of rent after the payment for home, example is my mortgage is 1700 but I only get 1400 for rent

Rental income is $1400. In the deduction section, you can claim mortgage interest, bit not principal.

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