You will need to report the rental income on your tax return.
TurboTax can help with that. Follow the steps below to get to the rental income (and expenses) interview:
- From the left menu, select Federal>
- Wages & Income> Add more income or scroll down to...
- Rentals, Royalties, and Farm click Show more
- Rental Properties and Royalties (Sch E) click start
See below for additional resources:
Real Estate Tax and Rental Property
Am I Considered a Real Estate Professional