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Is rental income a total of the monthly income paid by the tenants or the amount that is made after paying the monthly mortgage? (ex: we charge $1000/mth, we pay $789/mth
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Rental income is the gross income you receive from your tenant, the $1,000/month in your example.
You also should note that you cannot deduct your monthly payment of $789. You can only deduct the portion of the payment that represents interest.
You can also depreciate the rental property. The TT Premier version you are using can help walk you through this.
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