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I have rental property that is mortgaged. I pay 530/month. I receive 1000/month from renters. Can I deduct the mortgage that I pay?
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Yes, you can deduct the mortgage interest, but not the actual mortgage payments as your rental expense. You may also deduct property tax that you paid and other expenses associated with your rental income. As soon as you enter your rental income, TurboTax will ask you about the expenses.
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