Can I have expenses related to my rental property that exceed the rental income?

[tangodog2015]

Do I have to report rental income for the rooms I rent in my personal residence if my expenses exceed the rental income?

[JeremyB · Accepted solution]

Yes you should report all income and expenses related your rental property.  Turbo Tax will help with calculating the impact of the Net Gain (or Loss) of your rental property on your personal income taxes.