2006-07-27 08:43:43 · 11 answers · asked by melly73080 2 in Business & Finance ➔ Taxes ➔ United States
I am the homeowner, the only reason i am renting is my mortgage is really high but we can't refinance for 2 years.
2006-07-28 02:03:23 · update #1
I really wish people who are not tax preparers or accountants would stop giving erroneous advice to you guys. If you OWN a piece of property and you are renting something out, THAT is income. You are LEGALLY required to report it - ALL OF IT. It will be on something call a "Schedule E". Talk to your tax professional about it. We will need ALL of your information as to the cost of your home, WHAT you are renting out, the rent you are collecting, the EXPENSES you have, etc..etc..etc..etc..etc......There are also things you may be able to depreciate. "Depreciation" means the gradual wearing out of appliances, etc..etc..etc....For all of you folks who know nothing about taxes, STOP GIVING ADVICE! Even the most EXPERIENCED tax preparers do NOT know EVERYTHING and make mistakes! And for all of these MORONS who think that "as long as it's not reported they won't find out" what ROCK DID YOU CRAWL OUT FROM UNDER?????? Everything is CENTRALIZED and IS reported to the IRS!!!! They WILL find out and people who don't report things will get penalized big time! If you have a tax question, do not take advice from the "guesstimaters"!
2006-07-28 19:32:37 · answer #1 · answered by ami 3 · 0⤊ 0⤋
Most likely not. The only person that would have to report the income is the homeowner. He would have to report the entire rent as income.
2006-07-27 09:53:56 · answer #2 · answered by othellonuevo 2 · 0⤊ 0⤋
If you declare this rent make sure that you also claim your expenses such as the proportion of the rent you pay, gas, elect, depreciation for use of furniture etc. If this is an arrangement where your room-mate merely shares the household expenses them you most probably do not have to file - you could always ask the IRS.
2006-07-27 09:42:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Only if you made any profit. For example, if your rent is 1000 for a 2 bedroom, and your roommate paid 500, then there's no profit, and no income. If she's paying 600, then you should report 100 profit (income).
2006-07-27 10:17:15 · answer #4 · answered by nyboi630 3 · 0⤊ 0⤋
Yes, you will have to claim the rent from your roommates as income. Any money that you bring in is income and you have to claim it.
2006-07-31 06:39:59 · answer #5 · answered by Lost in a Relationship 2 · 0⤊ 0⤋
once you're the guy who's in charge for the area and also you lease area of it out to help help your self, definite, that is reportable income and ought to influence your Medicaid award often a dorm room is dealt with by the faculty and quite frequently except you specify a unmarried occupant room, there's a minimum of yet another student contained in the room who will pay the faculty, no longer you
2016-10-15 06:47:37 · answer #6 · answered by pantle 4 · 0⤊ 0⤋
Yes, just as they can claim the rent as expense on their taxes.
2006-07-27 08:47:03 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Since you own the home, yes, you do need to report it as income.
2006-07-28 11:01:42 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
yes. and no they can't claim it as an expense on their end
2006-07-27 08:49:40 · answer #9 · answered by aka Astra 2 · 0⤊ 0⤋
Yes you do.
They cannot really trace it though if you don;t.
2006-07-27 08:48:21 · answer #10 · answered by billyandgaby 7 · 0⤊ 0⤋