Viewer Q&A: Rental Property Income

Today on Big Money Real Estate, Ilyce Glink answered a viewer question that could affect anyone who earns income from a rental property. Here’s the question: “I just received a 1099 for income I received from renting my townhouse. This income is less than the mortgage payments I paid. How do I file this on my Federal and State income taxes? By the way, I had no choice but to rent the property because I am underwater. I owe $20,000 more than what the property is worth.” Watch today’s Big Money Real Estate to find out what Ilyce has to say.

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