Tax on My Rent Income?

I recently rented out my one-bed room condo at $1200. How much tax (federal and state) do I have to pay for the rent income at the end of the year? I am living in the state of Virginia. Thank you in advance.

Public Comments

1. It depends. How many nights total did you rent it out? What is your marginal tax bracket?
2. If you rented it out for more than 2 weeks, you would need to fill out a Sch-E for the rental income and expenses. The more usual case is that the net will be negative, because of the depreciation of the house (or portion of the house rented). Sometimes it is positive. In either case, it goes on the 1040. Their are some income limitations for taking the loss. You might want to get a good book on the subject, or see a tax professional that is familiar with rental income, at least the first time.
3. There is no way to tell without knowing your expenses, even your other income. The advice you were given to see a tax professional this year is the best advice you will get. Helen, EA in PA