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If i charge X amount of rent on my rental property, and pay Y amount on mortgage, is the Rental Income X-Y, or the whole amount X?
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June 3, 2019
12:11 PM
last updated
June 03, 2019
12:11 PM
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If i charge X amount of rent on my rental property, and pay Y amount on mortgage, is the Rental Income X-Y, or the whole amount X?
The whole amount, X.
After reporting your gross rental income, you will then deduct your expenses. Expenses will include mortgage interest (not the whole mortgage payment) and depreciation.
June 3, 2019
12:11 PM
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If i charge X amount of rent on my rental property, and pay Y amount on mortgage, is the Rental Income X-Y, or the whole amount X?
The whole amount, X.
After reporting your gross rental income, you will then deduct your expenses. Expenses will include mortgage interest (not the whole mortgage payment) and depreciation.
June 3, 2019
12:11 PM
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