See https://www.irs.gov/taxtopics/tc415
See also https://www.irs.gov/instructions/i1040se#en_US_2021_publink24332td0e96
If you and your wife file a joint return, you would report the income and (pro-rata) expenses on Schedule E unless you provide substantial services that are primarily for your tenant's convenience, such as regular cleaning, changing linen, or maid service. In the event you provide substantial services, you would report income and expenses on Schedule C.
See https://www.irs.gov/publications/p527#en_US_2020_publink1000234065
You might want to consult with a local tax professional for your first year of ownership and rental in order to get everything set up properly.
See https://taxexperts.naea.org/listing/service/individual-tax-preparation
