Yes, you will need to file a Schedule E to report rental income. You include the 1098 for the rental property on the Schedule E if the rental property is a house. If you are renting out a portion of your personal residence, you will need to split the 1098.
Listed below are the
most common rental expenses.
Advertising. Auto
and travel expenses. Cleaning and maintenance. Commissions. Depreciation.
Insurance. Interest (other). Legal and other professional fees. Local
transportation expenses. Management fees. Mortgage interest paid to banks, etc.
Points. Rental payments. Repairs. Taxes. Utilities.
Click here on this helpful link: Real Estate Rentals.
