House Hacking in Orlando, tax question!

[Luis Malvar]

Hi everyone,

I bought a house about 3 months ago and I am house hacking with family members so there is no contract or any formal documents. They are paying me thru Zelle so my question would be, Is that going to be money I have to declare to the IRS? If so, Can I depreciate the part of the house? Keep in mind this is not a business entity and I don't have have a Tax Pro on my corner 

Thanks

[Luis Malvar]

Ashish Acharya, I forgot to say that the house I bought it's a single family house, and the rooms are the ones rented, is it the same approach? I guess I have to do a Cost Segregation Study to figure out how much I can depreciate

Thanks again