I work off $200 rent ea/month can i file as income?HOW?

Answer 1

What is the basis for your liability of $200 per month?

Do you have a written agreement or verbal?

Or do you rent a room from your family or friends?

The farther you get from an arms-length agreement (a contract with a total stranger), the less reason you have to report it at all.

The only reason I say this is because what you're describing is not a the arrangement that reasonable strangers would make. It sounds more like someone is letting you stay at their place for free, and you have some responsibility attached, and the value is purely arbitrary.

So you have to tell us: is this a family thing? An intimate relationship thing? Your college buddies?

Answer 2

Barter income is taxed as ordinary income and is considered earned income. A rent reduction in exchange for services rendered is considered earned income by the IRS.

Ideally your landlord would give you a Form 1099MISC for the rent reductions but you can still claim that income and pay the tax on it without the 1099. You would file Schedule C to claim the income and any legitimate business expenses against it. You would also file Schedule SE to figure the Self Employment tax on the net profit.

The income is earned income and would be qualifying for the Earned Income Tax Credit if you're otherwise eligible.

Answer 3

File a Schedule C with activity such as maintenance, housekeeping, landscaping, apartment manager. The value of the rent you receive is your gross income.

Answer 4

why would you want to pay the tax on it? I dont understand why you wouldnt just let it go?