Renting out basement should I file as a business or personal taxes

[scallywag]

I am renting out space in my house and I am wonder which way will have the greater tax benefit. Would it be better to run under my personal business licence or would it be better to rent and file under my personal taxes?

[Carl]

You don't get to choose much here. Rental property is reported on SCH E as a part of your personal 1040 tax return. This applies even if you're renting out a part of your primary residence. When working through the Rental & Royalties section of the program, make sure you select the option to indicate that you are renting out a part of your primary residence.

[tagteam]

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@scallywag wrote:

.....would it be better to rent and file under my personal taxes?

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"File under your personal taxes"? 

Do you have a business structure, such as an S corporation, or are you a sole proprietor?