rental income + rental mortgage + rental mortgage interest - dazed /confused

Apr 11, 2006 1 Replies

New to rental income ... confusing in the turbo tax questionaire ... I claimed $15600 on rental income but I also had a 10800 mortgage payment for the year. It allowed me to claim repairs, but it nev er asked me about mortgage I paid on the rental? Isn't the net "income" rental income minus mortgage payment? I can claim mortgage interest? What can / can't you claim to offset income?



thanks



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If you are new to rentals, you should get a professional to do your return, at least for this year. Missy Doyle

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