Message Font: Serif | Sans-Serif
No. of Recommendations: 0
HELP!! Could somebody please explain how I should figure Rental Income. This is my situation.

My husband and I bought our house in 1996. He just got a new job last year that forced us to move, and instead of selling our new house, we decided to rent it. Our tenants pay exactly what our mortgage payment is. So, in a sense, we are making no money on our rental. How do I show that on my taxes? I enter the amount from the income, but what about the expense. Right now, my taxes say that we made profit on the rental. But, we didn't. Any help would be appreciated. Thank you!
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.