Rental property income.

[meandyouandfelix]

Do we only count rental property income as income above and beyond what we are paying for our mortgage?

[DDollar · Accepted solution]

No, you have to report 100% of the rent your receive as rental income.  You also will report your expenses, some of which will be mortgage interest, property taxes, and homeowners insurance.  You have to set up the rental property up as an asset so that the program will calculate depreciation (another expense you will claim).

To set up your rental property in TurboTax, while logged in and working on your return:

• Click on Search
• Type “Rental Property“ in the Search Window
• Click on Jump to Rental Property
• Continue with the interview and TurboTax will guide you through the process of setting up your rental property.