If you get one of those 1099-K forms from the company that processed your rents electronically ask yourself this; Do I report my rental income normally on Schedule C or E. the 1099-K is required to be reported on schedule C not on E, if you report your rental activity on Schedule E, you do nothing with it just keep it with your tax documents in case the IRS should ever question you but is highly unlikely for the small time landlord and based on past tax filings. You just enter your normal rents minus security deposits held in trust and or refunded, as always if you made any deductions for repairs, unpaid rent, etc to the Security deposit when they move, you count that as income as well as report the repairs as an expense.
