Claiming rental income, and taxed/recognized.

[Ben Kirchner]

I'll be closing on my first rental property in January.  Therefore, it won't be until next year that this will impact my taxes.  I was curious to how people claim their rental income, and how it's taxed.  Is it taxed along with employment income?  Taxed separate and different?  Is claiming rental income for an investment property different than claiming for something like house hacking in a single family residence?

I hadn't thought of this until recently when speaking to a lender, who said in order for rental income to be recognized in your debt-to-income ratio, you would need a year of rental income documented on your taxes.

I appreciate the helpful input!