Landlords are now taxed on gross revenue and NOT profit!!!???

[Zoey W.]

1. Forgive my ignorance but after watching youtube videos regarding recent changes about landlords it gave me the impression that "section 24" means that landlords are now taxed on "gross revenue" and not "net profit"? I certainly hope this is NOT the case?

2. If landlord has mortgage on rental property, is the monthly mortgage payment tax deductible or only the interest on rental property or neither? I am confused about this even after researching because things are always changing to make things worse and worse for landlords (horrible). I don't even know what is current anymore.

Thanks 

[Andrew S.]

Quote from @Zoey W.:

1. Forgive my ignorance but after watching youtube videos regarding recent changes about landlords it gave me the impression that "section 24" means that landlords are now taxed on "gross revenue" and not "net profit"? I certainly hope this is NOT the case?

2. If landlord has mortgage on rental property, is the monthly mortgage payment tax deductible or only the interest on rental property or neither? I am confused about this even after researching because things are always changing to make things worse and worse for landlords (horrible). I don't even know what is current anymore.

Thanks 

1.) No, this is NOT the case.
2.) Of your monthly principal and interest payment, only the interest is deductible.  Also deductible: insurance, county/local taxes, and, in most cases, a fractional proportion of any "mortgage points" you may have paid.  This has all been in place for a long time.  Nothing has changed.