I did my taxes at H&R Block this year. They ask me if I was making a profit on my rental property (condo). I said no, based on the mortgage payment, plus HOA dues.
750 (rent)
-700 (mortgage)
-500 (HOA Dues)

They informed me this made my rental not for profit. Is H&R block correct? The chapters in the IRS books are as clear as mud. I can not figure out for myself if the rental is "Not for Profit". The Market rate for a comparable rental is about 900-1000 in this area.

They informed me this made my rental not for profit. Is H&R block correct?=========>I believe that h&r block is not really very good tax adviser.it depends; The IRS calls ?not-for-profit? activities. Your ?rentals? may appear to be ?not-for-profit? rentals when you Charge less than fair-market-rents;Are slow to collect back rents;Fail to take legal actions for arrearages or damages;Allow your rentals to remain vacant for periods of time, etc.
If your rental income is more than your rental expenses for at least 3 years out of a period of 5 consecutive years, you are presumed to be renting your property to make a profit.. If you are starting your rental activity and do not have 3 years showing a profit, you can elect to have the presumption made after you have the 5 years of experience required by the test. You may choose to postpone the decision of whether the rental is for profit by filing Form 5213.as you can see, in general, If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income. Any rental expenses in excess of rental income cannot be carried forward to the next year.

The chapters in the IRS books are as clear as mud. I can not figure out for myself if the rental is "Not for Profit". The Market rate for a comparable rental is about 900-1000 in this area.===========>>
In my opinion the best way is to directly contact the IRS for tax advice.