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If you are charging at the fair rental rate and your home is the tenant's main home, it is considered as a rental transaction for business. You are required to report the rental income and allowed to deduct related rental expenses on Schedule E. Here are the steps (online):
If you rent it for less than 14 days or you are charging rent at below fair rental price, it is not considered as a rental property for business. Instead, it is treated as a personal-use property. You would report income as other income on line 21 on Schedule 1 of your Form 1040. Due to the new tax law, no expenses are allowed for deduction.
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