For rental income reported on your schedule E, a different calculation will be used.Your current primary residence can also be converted to a rental. 

@Derrick E.

. ;)All your losses are on Schedule E.

we have had pipe breaks this winter but were are covered with our extended policies. this no doubt will come down to this PM's E and O insurance. 

This deduction is typically claimed on Schedule E of your tax return.Points Paid for Refinancing: If you paid points to refinance your rental property, you usually must deduct the points over the life of the loan.

Quote from @Jeff E.: Here is a link to an explanation of what is covered in a good STR policy. 

I think that is a 600%+ increase over 27 years to its current price of $1,450,000.https://www.zillow.com/homedetails/350-E-Orange-Grove-Blvd-P...

Do you think you’ll make more with the family after you pay for e extra utilities and wear and tear?

The PG&E bill was $1,200 last month.

  " this means that the lender is looking at our tax returns  then (eg, the schedule E) of income and expenses..