My first time house hacking, I need help

[Joel Depas]

I am about to take a new job in a new city and as part of my compensation they are providing me with housing of a 2 bedroom apt. They also told me that I could rent out the other room if I wanted to. This is my first time doing anything like this. What steps do I need to take to have a successful time with it ?

[Alex Polyanskiy]

I would talk to a CPA about your taxes. You technically need to pay taxes on the profits. So if the income is $1,000 and the expenses are $800, then you would have a taxable income of $200. Im not sure about your situation. If you are not the owner of the property, then it might be different.