Question about taxes

[Gerald Jarreau]

Last year I needed to move in with my mother to take care of her. I rented out my condo. I do not have a business set up. My question is how do I prepare to pay taxes on the income I have earned? Do I need to set up a business? I was thinking no. I hate to itemize stuff, but if it's necessary I could. With the new double standard deduction, I might still come out ahead by not itemizing. I really have no clue. Could anyone post some ideas as to how they'd do it? Do I just need to see a CPA, or can I do it myself simply?

[Jon Holdman]

No, you don't need to set up a business.  

Rental properties are unrelated to itemizing or the standard deduction.  All the income and expenses for rental properties go on schedule E, and then the net income goes on 1040.

I highly recommend using an accountant, especially in a complex situation like this where you've converted a residence into a rental.