Yes, you would need to report the income from renting out your parking space. You would do this using TurboTax Premier and enter it as rental income. As you choose the type of rental this is, you will select Other, then enter parking spot. As you walk through after entering income, you will be given the chance to enter expenses. This is where you will enter your maintenance fees prorated.
As for the $500/month for maintenance. Yes, a portion of this can be used to offset the income from renting the spot, however, you would need to determine which amount of the $500 applies to the parking spot. For example, if you have a 1,500 square foot condo, 500 sq. ft of yard and side walk and and all maintenance inside and out 180 sq. ft of a parking space that is all covered by that maintenance fee, you would claim 8.26% (180/(1,500sq. ft.,+ 500 sq. ft. + 180 sq. ft. ) ($41)of the $500 as maintenance fees for the parking spot.
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