How do I enter rental income, expenses and mortgage interest?
Where to find it: REAL ESTATE; INCOMES → Add Income → Rental; EXPENSES; LOANS
Enter the property in REAL ESTATE first, including its rental use and owner. In INCOMES, add Rental income, enter the gross rent and dates, and link it to that property on the rental details form. The property and rental income must have the same owner.
Enter operating expenses in EXPENSES with the applicable business/income-property deduction category and property link. Keep them separate from the gross rent if you want the report to show both. Do not enter gross rent and a second net-rent income for the same property.
Enter the mortgage in LOANS, link the property as collateral and select deductible interest when applicable. Loan payments are calculated there; do not repeat the payment or the same interest in EXPENSES.
Run TIME MACHINE and inspect rental income, property expenses, loan payments and the tax calculation together.