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le blanc
New Member

Mortgage payment on rental

Where do I enter mortgage payments received for rental properties? The form only asks for rental price and expenses such as management fee but I am not seeing mortgage payment so it looks like I made some profit. 



2 Replies
Level 15

Mortgage payment on rental

Your mortgage payments are *never* deductible. Only the interest is deductible and it will be reported to you on a 1098-Mortgage Interest Statement you will receive from the lender. The program will ask you for the mortgage interest reported to you on a 1098.


Expert Alumni

Mortgage payment on rental

For rental properties, you can deduct interest payments for which you most likely will have received a form 1098. Along with the interest payments, you can also deduct real estate taxes related to that specific property.


In addition, you can depreciate the cost of the property and take the annual depreciation as an expense. For residential property, you can depreciate the property over 27.5 years using (MACRS) Modified Accelerated Cost Recovery System the method allowed by the IRS.


For more information please check out the following article: Rental Property Expenses You Can Deduct

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