Many landlords do not show a profit, but this is mainly due to depreciation. However, you should at least charge as much rent as covers your mortgage interest and property taxes. If you are charging what the market will allow, then that is the best you can do. If you are charging less than full rental value, you do not have a business. You would file a Not-for-profit rental.
You would enter your gross rent as income and then subtract all your expenses, including depreciation. You can take a loss against other income up to $25,000 if your income is under $100,000.
