This amount is below market value for my area.
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You would need to report this income, but you can also claim expenses related to the use of your home. If you are not charging the Fair Rental Value for the room, you would not be considered to be renting with the intention of making a profit, and you would be able to claim the expenses only up to the amount of income you received (reduce your income to zero, with no allowable loss.
In TurboTax for Home & Business, go to the Business Tab, and start the Rental Income and Expenses section.
For the screen What Type of Rental is This? choose single family home.
On the next screen Do Any of These Situations Apply to This Property? choose "I rented out part of my home." See the screenshot below.
You should indicate that you rented the home out for zero days at Fair Rental Value.
See this link, under Renting out Part of Property.https://www.irs.gov/publications/p527/ch04.html#en_US_2015_publink1000219159
Also, see this answer, which provides additional detailshttps://ttlc.intuit.com/replies/4863979
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