Should you report income from renting a room in your residence?

Yes rental income and expenses would be reported on the schedule E of the 1040 tax form.

There are special rules relating to the rental of real property that you also use as your main home or your vacation home. For information on income from these rentals, or from renting at an amount less than the fair market value, refer to Topic 415, Renting Residential and Vacation Property (formerly Renting Vacation Property and Renting to Relatives).

Go to the IRS gov web site and use the search box for TOPIC 415

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