My mortgage payments exceed my rental income.

hmchone — Thu, 06 Jun 2019 09:15:59 GMT

Can I write off the loss and how?

You don't have a loss. In fact, you very well may have a...

Carl — Thu, 06 Jun 2019 09:16:00 GMT

You don't have a loss. In fact, you very well may have a taxable gain. Your mortgage payment is not a deductible expense. Only the interest you paid on the mortgage (as reported to you on the 1098-Mortgage Interest Statement) is deductible. The principle part of your payments is taxable income to you. If you'll just work it through the Rental & Royalty Income (SCH E) section of the program, you'll see how it all works out.

All rental income and expenses are reported on a SCH E as a part of your personal tax return. Because of the depreciation you are required to take, it is not at all uncommon for rental property to accrue a loss from year to year, that gets carried over and just continues to accumulate as you go forward in time. You don't realize those losses through, until the year you sell the property.

topic My mortgage payments exceed my rental income. in Investors & landlords

My mortgage payments exceed my rental income.

You don't have a loss. In fact, you very well may have a...