If I rented out a room, am I able to deduct electricity, water and other bills? If so, what else can I deduct? -Anonymous
If you are collecting rent for a room or unit in your home, you can deduct any expenses you can attribute to that rental unit. That would include the utilities you’ve listed, as well as a portion of your homeowner’s interest, repairs to the house, lawyer or accountant fees related to the rental activity, advertising of the rental space, and the like.