Say in 2018 I bought a 2-bed apartment and this apartment is my primary residence, I live in one room, rent out the other bedroom and the living rooms. Would I be legally required to report those rent received as income on Schedule E?
If this apartment is my primary residence, what sorts of expenses listed on Schedule E can I deduct? Can I deduct auto and travel? Insurance? Fees? In line 17, utilities include the electricity, water, and internet bills correct, so I would deduct the total electricity, water, and internet (and trash too I guess) that I paid in 2018? What about repairs and supplies?
Is this considered itemized expenses? If I'm single I'll be taking a 12000 standard deduction, so do my total Schedule E losses need to exceed my standard deduction in order for me to take it?
How is depreciation deducted? How would I be able to measure the depreciation to deduct or not deduct?
