I know Google is my friend and there are tax experts to consult with as well. Anyone very familiar with reporting rental income on tax returns? I know depreciation and improvements can be deducted. I hope I don't get nailed too bad. I had to pay for the first time ever on 2015's return due to multiple exemptions (we've since adjusted) used by my wife and me. Hoping the damage isn't worse for 2016 due to the rental income.