We're renting out the Technicolor Townhouse while overseas, but we're using a management company since we're very absentee landlords, so I can't really answer specifics, and since we only just started, I'm not clear on the tax ramifications, either.

My dad, on the other hand, has several properties that they rent out, so he'd probably be a better resource (although it's for Arizona; not sure if the rules change much from state to state). I can ask him if you'd like.