I wanted to report my rental income on T776 . my tenant pay rent of $27600.00 annually and I pay bank mortgage of $24000.00 annually. What gross rent should I report ?
a. Is it the $27600.00 rent paid by my tenant?
b. Or the different of $3600.00 of rent pay $27600.00 and mortgage $24000.00 ?
You would report the annual gross rent received from your tenant and rental expenses separately. There are some rental expenses you can deduct, including interest charges on the money you borrow to buy or improve your rental property. The repayments of principal on your mortgage on your rental property cannot be deducted.
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