Tax Implications for Renter Paying Full Year?

[Rob Chang]

Hi, I am new to the Bigger Pockets forum and to REI. I am an "accidental landlord" and am renting out a townhouse that was my personal residence. I decided to become a landlord because my townhouse development is still building, so I would be taking at least a $15k loss if I sold it vs. renting. I decided at the very least I would gain the equity on the property by renting as my numbers do not support profit/cashflow right now.

It was difficult to find a tenant (hired a realtor) and we finally found one after 2 months vacancy.  She had self-reported bad credit due to a situation out of her control, and offered to pay a full year in advance.  I know on principle this was a big no-no based on what I've learned from bigger pockets, but because of the specific circumstance I do not regret renting to her and she has been a great tenant so far (keeps the place cleaner than I have, accommodating and communicative).

Anyway, all this to ask for advice on what to expect and avoid for tax purposes because she paid a full year in advance.  It was my personal residence from January - end of March, vacant for April and most of May, and the lease is 5/23/17-5/23/18.  

Thanks in advance!