The money you collect for rent is considered income, so you need to report it on your tax return as rental income. You can deduct expenses associated with the rental income on a pro rata basis taking into consideration the personal use limitations as mentioned by @Anonymous_. Thus, you may not have taxable income if your allowable expenses are not less than your rent income, but both should to be reported on your tax return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
