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Roger
Roger, Attorney
Category: Business Law
Satisfied Customers: 31019
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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hi, if a real estate property with mortage is rented and for

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hi, if a real estate property with mortage is rented and for example the mortgage payment is $1500, and the rent is $1700. Is the $200 difference considered as profit for which taxes need to be paid?.

Roger : Hi - my name is XXXXX XXXXX I'm a Business litigation attorney. Thanks for your question. I'll be glad to assist.
Roger : Any rent paid to you is considered rental income, and you have to report it all. However, you are allowed to deduct your mortgage interest and expenses to reduce the tax liability. Here's a good link you can read: http://www.irs.gov/publications/p527/ch01.html
Roger : I see that you've gone offline, so I'm going to step away to help other customers. When you come back online, just make a post and I'll return. Thanks.
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