If you rent out 1/2 of your house and live in the other 1/2, how much of the income from rent must be reported?

ANSWER

The BIDaWIZ Team's Answer:

The amount of the rent, that is paid to you, must be reported on

Schedule E, of your Form 1040; and, you may deduct the

expenses that are attributable to the rental income; such as, the

half of the utilities that is attributable to the tenant may be deducted.

Mileage, repairs and maintenance, etc. that are attributable to the

rental income, may all be deducted; plus, you may depreciate the

half of the house that is being rented.