Hi Intuit Community,

A client decided to rent out a room in his home starting January 2024 (this is a long-term rental not AirBnB), and the tenant gave him the first-month rent in December 2023. I read everywhere that it needs to be reported in 2023. But how does he?

How does he declare that on his taxes?  Does he need to create a Schedule E? What about depreciation? The room became available for use in January, not December. 

Thank you for your support!