I rented my residence out as an Airbnb for 17 days last year. Do I need to report that income and can I deduct my mortgage insurance, taxes and interest from that income

[harnden]

This answer is very helpful.
Just to clarify. I had already deducted my MIP, interest and taxes from my overall income because I live int he house I rent. .  Are you saying I can take it again under this specific income?
Also, I upgraded my kitchen and bathroom this year.  Can I deduct those expenses as well?

[AnnetteB · Accepted solution]

Yes , since you rented your home for more than 14 days, you do need to report the income on Schedule E.  You will be able to deduct a portion of your mortgage interest, property taxes, and insurance as a rental expense. 

Use these steps to get started with Schedule E:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)

• This opens a box where you can type in “schedule e” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)

• The search results will give you an option to “Jump to schedule e”

• Click on the blue “Jump to schedule e” link

Click the following link for more guidance about your rental income and expenses: 

https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Renting-Out-a-Room-on-Airbnb-or-FlipK...