I'm going to be "house hacking" soon, which is the fancy way to say that I'm buying a home and will rent out the spare rooms. Sounds good, but I'm not at all sure how to handle taxes on it. The naive approach is to just file my taxes as normal, consider the rental income as regular income, pay [checks notes] 22% income tax on them, and be done with it. But I'm vaguely aware that there are weird tax benefits for landlording, and that they get extra complicated for house-hacking.
What's the best practice for taxes when it comes to house hacking? Note that this property's value is pretty small ($62k) given that I'm in a LCOL area of the U.S., so it seems unlikely that I'd be better off taking the mortgage interest deduction here than just going with the standard deduction. That limits options, but also limits the complexity.
