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For rental income, do I report the actual rent or the profit I make from rent minus the mortgage payments?

Forum|Forum|6 years ago
June 7, 2019
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example:
Rent is $1650 / month, unit rented for 7 months. Do I report total rental income 11550 (1650*7) or the profit I make minus the mortgage payment?

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Best answer by LindaA

Do not net your rental income and expenses. Report the full amount of rent received on your tax return. Your rental expenses, including the mortgage interest, are entered separately. The mortgage payment itself is not a deductible rental expense.

See the FAQ below for a discussion of qualified rental expenses.

https://ttlc.intuit.com/replies/4209856

L

LindaAAnswer

Employee

Do not net your rental income and expenses. Report the full amount of rent received on your tax return. Your rental expenses, including the mortgage interest, are entered separately. The mortgage payment itself is not a deductible rental expense.

See the FAQ below for a discussion of qualified rental expenses.

https://ttlc.intuit.com/replies/4209856