Like with almost any dollar you earn in the United States, if you earn rental income, you must report this on your taxes.

Final year depreciation: $591 × 9.5 = $5,614.50 Depreciation must be reported on IRS Schedule E and filed with your tax return. This form details rental income and expenses, including ...

Further, keeping an accurate record of your rental property income and expenses is important, especially when it comes time to file your taxes. A Schedule E is the tax form that you will need to ...