You put the entire rent on line 1. You use for 4562 for the
depreciation, and the line on Schedule E for mortgage
interest. If you do not claim the depreciation, they will
assume that you did when you sell it.

You should go to a tax professional for this.

Missy Doyle

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I have a rental home and i need to know if I entered the
income data correctly. I presently have a mortgage on the
home and I found on Shedule E where Taxes & interest are
stated.

However, I see on line 1 "Rental income" on the first line
and Rents Recieved. I claimed the total amount of rent and
not the "net" amount after off setting mortgage payment.

In other words my strait mortgage is $800 (minus escrow for
taxes rct) and my rent is $1000.

Do I claim $12000 0r the net $3600 on Line 1?

Also, can I have a tax pro look at it after the fact to make
adjustments even though the form was submitted?

thanks

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->