Taxes on a rented parking space

[robfrease]

My wife and I rent out a parking space we purchased last year to a commuter who drives into town and parks there during the work day. The parking space is in a condominium complex's garage, but operates like its own piece of real estate (we get a county tax bill for it, and pay small HOA dues on it.)
 
1.) Can I depreciate a parking space? I only ask because it is literally a slab of concrete with lines painted on it.
2.) Am I able to deduct the property taxes and HOA dues as expenses? (More of a general rental property question: This is our first rental)

Thanks for the help!

[Drifterrider]

You can expense HOA fees and taxes attributable to the parking space as well as any repairs for which you pay.
You can expense HOA fees and taxes attributable to the residential portion of the condo, just as you would with a house.

When you bought the property, was the parking space "deeded" separately? (can you sell the parking space)?

[robfrease]

Thank you for the response! Yes, it is deeded separately.

[Drifterrider]

If you are legally required to report income you are legally entitled to deduct expenses.  Run it as a rental (see if you can use Schedule E vice Schedule C).  If it is inside a structure, I don't know how you would handle depreciation (or even if you can).