how is income taxed when house hacking?

[Wade Stahle]

So, I live in a duplex and rent the other side out. My mortgage is $1167 and the tenant rents the other side for for $1150 and pays all utilities. 

How much should I set aside for taxes of that $1150? It should be noted that it is a brand new duplex 

[Deanna McCormick]

Accounting..

Cost of repairs, upkeep on the rental is rental expense, including 1/2 of property taxes, property insurance, yard maintenance, trash removal, vendor services, ect. any related expense to that unit or 1/2 portion of the duplex is expense, 1/2 half of mortgage costs. and if shared utilities 1/2 of the utilities. 

Income is any amount of rent you are paid. 

So you deduct the expenses, from the income and you get a rough idea of what's left over which is profit. 

What's your tax bracket.. I'd set aside 28% minimum but ask accountant or your tax guy. Sounds like your a new owner..