When you own rental property and you get 1300 but paid 700 to the mortgage company, do you only claim the difference, 600, as income or the whole 1300?

[aggiemom9702]

When you have rental property and you get say 1300 every month but pay the mortgage company 700, do you claim only the 600 left after paying the mortgage or do you claim the whole 1300 as income?

[TomD8 · Accepted solution]

You claim the whole $1300 as rental income.  You can then deduct the mortgage interest as a rental expense.  You can only deduct the mortgage interest, not the entire mortgage payment.