Yes, you will be able to report your rental loss of $600 per month, or $7,200 on your Schedule E, for Passive Activity Losses.
Renting out Real Estate is usually considered a passive activity by the IRS, so it will be reported under Schedule E, not regular income. The IRS limites your losses from your rental business to a maximum of $25,000 per year (and this is the case if you have one or many rental properties.)
Let me know if you have any more questions and i would be more than happy to look further into this.
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