Income for rental property?

[Charles Player]

I have a question for you guys. I have a rental that the mortgage is $727. I rent it out for $930, thus producing a $203 profit each month so to say. When I state my income on anything from applications for loans to whatever, do I state $930 x 12 mos which is $11,160 or $203 x 12 which is $2436? Thanks in advance

[Josh Green]

jon is absolutely correct if you are doing your taxes. there is a lot more to it than 'x coming in' - 'y going out' = profit.

however, if you are applying for a loan. banks will ask you how much money u are bringing in each month and then they will subtract the payment from that. it should also be noted that if you are applying for a mortgage. most lenders will not even take rental 'income' into consideration until its been on your tax returns for 2 years.