1. Yes, if you only receive cash as rent, that would be the only income reported.
2. Had you already entered the rental property where it asks for the address and type?
Date purchased, yes.
Cost of rental and cost of land should have been reported on a prior year Schedule E. You need to use the same numbers that the accountant used last year unless the rental was new for 2024. The building is depreciated but the land is not, so you would need to continue the values that were used the first year.
If it is ONLY a rental and not used by you as a vacation home, you would choose 100%. Yes, you need to look at the asset depreciation schedule for the prior depreciation. Look for Form 4562.
Depreciation starts when the rental is put into service and does not end until the rental is sold or converted to personal use. You will need to know the deprecation at that time since there is almost always depreciation recapture when the rental is sold.
3. Yes. If a rental generates a loss, the loss is considered "Passive". Passive loss may be limited based on your participation in the rental and your income.
Unless you have a management company make all the decisions, you would select that you materially participate in the rental.
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