I rented out my 7 day time share and have a small profit for the first time. I had a loss last year so did not have to report any income. Rather than reporting the income on Schedule E and having to claim depreciation, can I report this income as "hobby income" since I did not have a profit for 3 or the last 5 years? I did not use it personally for the last 2 years but did for the 2 years before those.
