Taxable Rental Income From Primary Residence

[Bryce Till]

BP, 

I live in Utah and wanted to get some opinions and insight for the below inquiry  I will have to include rental income from my spare room in my primary residence. I want to know how this will look on my income return and what I can deduct/expense against the rent.

For 2014 I have the taxable “Net Income”  from the rent calculated by the following:

67% of my primary residence is used/shared by tenant.

Total rent proceeds - 67% of monthly expenses - 67% of total rehab costs = total Net Income

Is this the correct way to report the rent proceeds from a spare room in my primary residence?

Can I deduct the appropriate % of sq feet shared of expenses associated with my primary residence (HOA, utilities, Comcast, etc…)?

Can I deduct the appropriate % of sg feet shared of all rehab costs that were spent in 2014 (new floors and paint)

Thanks,

Bryce