House hacking taxed income

[Jacob Casarez]

Hello Bigger Pockets,

I am just over a year into my first house hack/live and flip deal. I owner occupy the property and rented out 3 rooms in the home for a total of $1,250/month utilities included. Although it does not cashflow my mortgage of $1,371, I was informed that it is taxed income and reported at tax time as a schedule E. I am lost on what I can write off exactly? Not every property expense is tax deductible being that I live there too?? Any information helps. Thanks!