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Is the rent collected from our rental property considered income even though we net a profit of zero on a monthly basis?
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Yes, If you collect rent from someone who lives in a property that you own – even if it's just a room in your house – you're considered a landlord and must report the rent you receive as taxable income.
Your mortgage payments cannot be used as an expense on a residential rental property.
You can not deduct the mortgage payment;You can deduct the mortgage interest. You can, and should, deduct depreciation [land is not depreciated] .
Where do I enter income and expenses from a rental property?
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