Rented out half of house last year at a very low rate. Basically the monthly rent covers their half of utilities and other expenses and leaves a little left that goes towards monthly house payment. I made significant upgrades and repairs to the house last year. Benefit in talking to a tax expert about how to consider all this or simply report the income left after expenses?

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Definitely talk to a tax professional. You may not be able to claim all of the expenses as actually being related to the rental if you also live in the same property. Shared space can make this whole situation very tricky.

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You most likely will have expenses that are capitalized instead of deducted too, depending on how significant.

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