It depends. You may want to test this in TurboTax, which allows you to compare results from different strategies before you finalize your return. (This is easier in the CD/Download version, but can be done using TurboTax Online.)
First, enter Form 1099-MISC under your existing Rental Property, answer the FMV questions accurately, and report expenses as usual. Then review your tax summary to see if your entries were handled as you expected.
You should have zero net income from the Rental Property (per the IRS limitations on renting below FMW), but see some portion of your mortgage interest and property taxes reported as Itemized Deductions. (These items won't have much affect if you don't itemize.)
If this isn't the result you expected, try entering the 1099-MISC under Less Common Income and the interest & taxes under Your Home (as a second home), but don't enter more than the amount of rent you were paid. Then review your tax summary again.
Choose the strategy that gives you the best outcome for your tax situation.
Additional info:
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