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Investors & landlords

If you are not renting out the property to make a profit, you would report the rental income as other income on your tax return (line 21 of Form 1040).

That should satisfy all parties for reporting.

If the property is your main home or second home you could deduct your mortgage interest, mortgage insurance premiums and real estate taxes as itemized deductions on Schedule A. 

NO depreciation because Schedule E is not required.

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