House hacking and taxes

[Eric Schrader]

Hey all.  

Question. If i am renting a portion of my house to a separate party (say a basement) part of the year, what sort of tax benefits can I expect? If report the extra income as income, can i deduct a portion of the RE taxes, insurance, maintenance, etc on my taxes for the year. To make this more formal, would i need to create an LLC or something similar to make it more formal?

As always Thanks for your input.