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alfurrow
New Member

When entering Rental Income do I use the gross total or my net after deducting my mortgage payment?

 
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bwa
Alumni
Alumni

When entering Rental Income do I use the gross total or my net after deducting my mortgage payment?

You don't deduct your mortgage payment.

Rental income is:

  • Gross rents, minus
  • Rental expenses.  Rental expenses would be the interest (but not principal) portion of your mortgage payment, depreciation on the property, and actual expenses such as repairs, insurance, etc.

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