I'm currently renting a 2/2 apartment in the US that is managed by a REIT (NYSE:MAA). I set it up in which I am the sole responsible lease holder and have added a roommate to the lease as an occupant (not responsible for the rent). However, I am collecting rent from this roommate to make the rent payments. The office staff here is aware of it as they made note that if they don't make the rent, I am solely liable. I'm aware of this and comfortable with it. I don't expect any problems from the management company.
The question I have is, what (if any) are the tax implications of my receiving money in the form of monthly rent transferred to my checking account to then be paid to the apartment management company in the form of EFT?
If this money needs be declared as some form of income, what would be the best way to do so, and through what means should I be keeping records?
Thank you for any insight.