Is the rental income from my duplex a deduction like my home mortgage?

Answer by  Kurt (4579)

Rental income from your duplex is income that you add to your taxable income. You can offset the income with expenses from the duplex like mortgage interest, repairs, etc.

Answer by  Att4372 (1704)

Rental income is not a deduction. It's reported as income on Schedule E. From the rent, you deduct one half of home expenses - mortgage interest, property tax, maintenance, insurance, etc. DO NOT DEDUCT mortgage principal payments. You also deduct depreciation on half the house.