Bought a home last year and I started renting out a bedroom. How do I claim the income from the rented room?

If you are charging at the fair rental rate and your home is the tenant's main home, it is considered as a rental transaction for business.  You are required to report the rental income and allowed to deduct related rental expenses on Schedule E.  Here are the steps (online):

• After sign in to your account, select Take me to my return 
• At the right upper corner, in the search box, type in schedule e then Enter 
• Select Jump to schedule e and follow the prompts

If you rent it for less than 14 days or you are charging rent at below fair rental price, it is not considered as a rental property for business.  Instead, it is treated as a personal-use property.  You would report income as other income on line 21 on Schedule 1 of your Form 1040. Due to the new tax law, no expenses are allowed for deduction. 

• To the right upper corner, in the search box, type in "other reportable income" and Enter
• Select Jump to other reportable income
• Next screen, Other Wages Received, select No to continue
• Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
• Next screen, Any Other Taxable Income? select Yes to continue