Your rental losses, however, generally will be limited by the "at-risk" rules and/or the passive activity loss rules. If you're renting to make a profit and don't use the dwelling unit as a residence, then your deductible rental expenses may be more than your gross rental income. Tax Return for Seniors and on Schedule E (Form 1040), Supplemental Income and Loss. Individual Income Tax Return or Form 1040-SR, U.S.
You'll generally report such income and expenses on Form 1040, U.S. These expenses, which may include mortgage interest, real estate taxes, casualty losses, maintenance, utilities, insurance, and depreciation, will reduce the amount of rental income that's subject to tax. If you receive rental income for the use of a dwelling unit, such as a house or an apartment, you may deduct certain expenses.
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