taxes with house hacking

[Elliott Back]

I have a situation that I am curious about. If i have a duplex and it has a mortgage of 1000/month and I am able to rent out one side for 1000/month and I live in the other side, would i pay taxes on that 1000? If i rent it for 600/month and i pay 400, would i pay taxes on that 600. if i rent it for 1200, would i pay taxes on the full 1200? the 200 after the mortgage? Any advice would be greatly appreciated 

[Basit Siddiqi]

@Elliott Back

A house-hack is owning a property that is both a personal residence and an investment property.
You are required to report the rental income onto your tax return.

100% of a mortgage payment is not a deduction - Principal payments are not a tax deductions. Payments to Escrow are not a tax deduction.

You may want to consult with a CPA/Accountant to be compliant with your tax obligations.