Okay you report in Schedule E. Net Income (taxable) is your gross receipts (rent income) less mortgage interest, real estate taxes and repair, AND DEPRECIATION. After the depreciation deduction you'll most likely be losing money for tax purposes.
Okay you report in Schedule E. Net Income (taxable) is your gross receipts (rent income) less mortgage interest, real estate taxes and repair, AND DEPRECIATION. After the depreciation deduction you'll most likely be losing money for tax purposes.