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?

[mfkomie]

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?

[Zbucklyo · Accepted solution]

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.