According to the Internal Revenue Service, people may be able to deduct the expenses of renting personal property, whether it is a house, apartment, boat, mobile home, or condominium. Typically, owners must report rental income obtained and present it on federal tax returns; however, if the rental period is short, owners may not need to report this income.
Additionally, if homeowners live at the property and rent it to others as well, special rules apply. These homeowners may need to divide expenses between the time that they lived at the property and the period when the property was rented. Rental expenses cannot total more money than rent received.