What is rental income?

[redyakker64]

House is mortgaged, rented for $300/month OVER mortgage amount... what is considered rental income?

[KrisD]

You will claim the full amount of every dollar you receive as rent, including any taxes you collect (if any). Then, you deduct the mortgage interest, real estate taxes, and other expenses.  You will also enter the rental property as an "asset" and depreciate it over a 27.5 year period.  The method of deprecation would be called Straight Line.

Your rental income and expenses will go on the Schedule E.

Typical deductible expenses include, but are not limited to:

Cleaning and cleaning supplies
Maintenance and related supplies
Repairs
Utilities
Insurance
Travel to and from the property
Management fees
Legal and professional fees
Commissions
Taxes and tax return preparation
Lease cancellation costs
Advertising
Real estate taxes
Mortgage interest - Note: You cannot deduct the mortgage payment; only the interest is deductible.

[KrisD]

The rental income is the rent you were paid by the tenants.

The profit would be the income less the expenses, including the mortgage interest.

You will claim the full amount of every dollar you receive as rent, including any taxes you collect (if any). Then, you deduct the mortgage interest, real estate taxes, and other expenses.  You will also enter the rental property as an "asset" and depreciate it over a 27.5 year period.  The method of deprecation would be called Straight Line.

Your rental income and expenses will go on the Schedule E.

Typical deductible expenses include, but are not limited to:

• Cleaning and cleaning supplies
• Maintenance and related supplies
• Repairs
• Utilities
• Insurance
• Travel to and from the property
• Management fees
• Legal and professional fees
• Commissions
• Taxes and tax return preparation
• Lease cancellation costs
• Advertising
• Real estate taxes
• Mortgage interest - Note: You cannot deduct the mortgage payment; only the interest is deductible.

 (Thanks to TurboTaxKarenL2)

Here is more information about rental property.

https://ttlc.intuit.com/replies/3288530