I charge 700 a month it say fair market rent is 948. Can i deduct the diffrence?

[DoninGA · Accepted solution]

No you cannot deduct the difference between what you charge for rent and what the average market is in your area.  You report the total rent received for the year.  If you have expenses for your rental property then you should be entering your expenses along with the rental income on a Schedule E.  You should also be depreciating your rental property as an asset.