I have a rental property but I didn't take profit from it. I paid all renter payments directly to the loan. How do I notate that on my return & remove the profit showing?

Forum|Forum|6 years ago
October 10, 2019
2 replies
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TurboTax Self Employed Online

Anonymous

payments on mortgage loans on rental properties are only deductible to the extent interest was paid. you should have gotten form 1098 which reports the interest paid

VolvoGirl

Level 15

If your rent income is less or not much more than the mortgage payment you don't necessarily have a loss. You just have a negative cash flow. In fact you may end up showing a net profit on your tax return.

You enter the total rent you received for the year. Then you enter your expenses like Mortgage Interest, Property Tax, Insurance, Repairs, etc. You can only deduct mortgage interest not the principal part of the mortgage. You should be depreciating the cost of the rental over 27.5 years, that will take care of the principal part of the mortgage.