Visitor I

Rental Income

My mortgage payment is $1700. I receive $1300 from my renter. Can I claim the $400 difference as an expense\loss?

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TurboTax Specialist

Rental Income

 

You may be able to deduct all or part of your rental loss. TurboTax will calculate the loss for you when you report your gross rental income and expenses on Schedule E. Please follow the instructions in this FAQ: Where do I enter income and expenses from a rental property?