@AmyC Thank you for your response.
I have an additional question, would I be able to deduct the interest which I paid on the mortgage through out the year?
Also, if I'm claiming the rent as income and going to pay taxes on it, I'll be losing money come tax season.
For example, if my mortgage is $1000, I collect $12000 per year, will that $12000 becomes my income and would I have to pay taxes on it? Because technically I didn't make any profit on it, so I should not be paying taxes on that rent.
