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June 1, 2019
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Rental property

  • June 1, 2019
  • 1 reply
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my taxes suggest I had a net gain on my rental property - which isn't true
Best answer by view2

Your mortgage payments cannot be used as an expense  on a residential rental property.

If you expenses exceed your rental income, you have a loss.  If the rental income exceeds your expenses, you have a profit.

1 reply

view2Answer
Employee
June 1, 2019

Your mortgage payments cannot be used as an expense  on a residential rental property.

If you expenses exceed your rental income, you have a loss.  If the rental income exceeds your expenses, you have a profit.