$7000 is your gross rental income. Your profit is closer to $800, but you need to take a depreciation deduction in most cases and may have other deductions.
What you should do is answer the TuroTax questions. It will walk you through the income and all of the possible expenses (not just mortgage but insurance, taxes, repairs, depreciation, etc.) and it will figure out your actual profit (or loss). And if a loss, whether that loss can reduce your other income.
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