Tax question for rental property
TLDR is that we bought a new house and are renting out our condo until next year when hopefully we can sell it when the market is better. The amount of rent that we're charging is more than what the mortgage payment is, but it's less than mortgage + condo fees. So question is, do we need to claim this as rental income even though the property expenses are greater than the income? And if we have to claim it, will we have to actually pay any additional taxes?
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