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The estimate of the net income on my rental property only includes the rent received (gross income). Is there a way to factor in the mortgage payments on the property?
The true net income is significantly lower than what Turbotax is listing (which is the gross), obviously, as I still have payments on the property. Do mortgage payments get factored into this at all in order to determine the net income?
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The estimate of the net income on my rental property only includes the rent received (gross income). Is there a way to factor in the mortgage payments on the property?
Yes, you can enter rental expenses against that rental income - not the mortgage payment, but the mortgage interest only. In addition, you can deduct property taxes, repair and maintenance costs, etc. In addition, you must depreciate the property.
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The estimate of the net income on my rental property only includes the rent received (gross income). Is there a way to factor in the mortgage payments on the property?
Yes, you can enter rental expenses against that rental income - not the mortgage payment, but the mortgage interest only. In addition, you can deduct property taxes, repair and maintenance costs, etc. In addition, you must depreciate the property.