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Owning multiple properties and receiving rent or lease income from those which are not personally used is a common way to increase wealth.
Some individuals also own a vacation home which they use some of the time and rent out the rest of the year. Both of these sources of income addressed in Publication 527.
Publication 527 describes how to report income from residential property, as well as how to depreciate it, what forms are needed for different situations, and categorizes different types of arrangements where individuals might own or rent only part of a property or only for certain times of the year, as well as not-for-profit rental.
Vacation rentals, in which the owner actually uses the property at times and makes money renting it out the rest of the time, calls for a special set of guidelines since utilities and other expenses are bringing value to the owner as well as the renter. It also discusses casualty loss expenses, as well as the passive activity and at-risk rules, and when to file Form 8582.
Depreciation methods such as the General Depreciation System (GDS) and the Alternative Depreciation System (ADS) are also described.