Yes, you can deduct your expenses to offset your rental income. The expenses must be prorated according total footage of the house and footage od the room you're renting.
To enter your rental income and expenses in TurboTax follow these steps:
- In TurboTax, search for rentals and select the Jump to link at the top of the search results.
- Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for property you own?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental.
- Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses,
