Yes but instead of the full amount you get half of everything. This amount then gets subtracted from the rental income.
There are many.
1) the repairs that would be personal expenses will be deductible ( half of the cost if the repair was a common repair that benefited the entire house)
2) 100% of the repair done to rented portion is deductible
3) If you ever sell the house, you still get full 250k-single or 500k- married gain exclusion. You only have recapture depreciation.
4) If your gain on sale is more than 250k the gain attributable to rented portion can be deferred with section 1031 like-kind exchange.
5)You can deduct mortgage interest and property taxes expense on the rental portion and remaining personal portion can also be deducted as an itemized deduction on a personal side. You can bypass the 10k cap of State and local tax with house hacking.
6)You can depreciate the rental portion of the house which can wash out most of the rental income that you otherwise had to pay taxes on.
You live for very less or almost free. :) Good luck
One other thing you will have to do is claim the income on your tax return if your going to be taking the deductions. IRS won’t let you only have the benefits and an audit is one red flag away. This extra income on your taxes may end up working in your favor when you apply for another mortgage. It will also mess with your taxable income.
Choose your poison wisely🍷