Hello my ex and I co-own a property(both on deed and Mortgage), she is currently paying me $700 dollars a month rent which does not cover the house payment, taxes and insurance. Assuming that income is taxable ? =====>
No I do not think so UNLESS your rental income exceeds rent related expenses. You need to report your rental income/expenses on Sch E f 1040 for your return
How would I report it on my 1040 ?====>Please use Sch E of 1040 for the income/related expenses. If you are not sure of it, please context an IRS Enrolled Agent /a CPA doing taxes in your local area for your fed/sate returns.