Mortgage payment vs. rental income for taxes
I am currently about to rent my home that is under a FHA mortgage. I have lived in the home for over a year as my primary residence. My monthly note is $1,238.00 a month and It will rent for $1,675 a month. I only placed 3.5% down 13 months ago when I purchased the home. My question is how will my taxes work. I understand I can write off expenses and interest among other things. I want to know if my taxes will show $20,100 in extra income even though i'm only actually profiting $5,244 a year off the rent due to my current mortgage. Any and all advice is apreciated!! I am not looking to make a huge profit off of this rental I just want to free up some money. I just want to make sure that the taxes do not wash everything I'm trying to do.