I have a rental home, which I still pay a mortgage on. My monthly mortgage is almost $650 per month and all I charge for rent is $750 per month, so what exact number do I put in for "rental income"?

[TanyaG]

I put the full rent amount last year, but I'm questioning this now because I do not really get that much actual income as I do have the mortgage to pay out of that money.

[AnnetteB · Accepted solution]

You would report the full amount that you receive as your rental income.  For your case, if you receive $750 per month, then that is your income amount for that month.

Then, you can include expenses for your rental property to reduce your total income.  One of those expenses is the mortgage interest that you paid.  You would not be able to deduct the full amount of the mortgage, only the interest.