Solved: What to enter under rental income?
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What to enter under rental income?

When entering rental income, do you enter what the tenants paid you total for the year or the difference between the monthly mortgage and the tenants payments?
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Level 15

What to enter under rental income?

You would enter the total amount the tenants paid as compensation for renting the premises; the difference between the mortgage payment and tenant's payment is irrelevant. 

You can, of course, deduct the interest paid on the mortgage (as well as other expenses) from the gross rental income you received.

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Level 15

What to enter under rental income?

You would enter the total amount the tenants paid as compensation for renting the premises; the difference between the mortgage payment and tenant's payment is irrelevant. 

You can, of course, deduct the interest paid on the mortgage (as well as other expenses) from the gross rental income you received.

View solution in original post

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