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4

Title says it all. Let me know if you need more details!

Thanks!

edited Feb 4 at 17:07

Zephyr♦
2,797●1●4●12

asked Feb 4 at 17:02

hyling
43●3

	+1 Welcome hyling! – Zephyr♦ Feb 4 at 17:07
	where do you live, and where is the house, the world does not have a single tax law yet! – unknown (google) Feb 6 at 23:08

MrChrister · Accepted Answer · 2010-02-04 17:56:50Z UTC

It is income, and you must report it in the US for tax reasons. Don't forget to subtract loses such as utilities, depreciation, work done on the house might be able to qualify.

I think you report it on a Schedule E. I rent out a home and taxact.com walks me through how much money I made, then my expenses. Things like mileage, repair bills, administrative fees for a management company, utilities and the mortgage all make for a big loss for me. I am certain some of those things apply to you and your income can be lowered.

Allan · Answer 2 · 2010-02-04 17:57:17Z UTC

2

Yes you do. You can also deduct a percentage of your home expenses such as utilities, interest, property taxes, etc...

answered Feb 4 at 17:57

Allan
91●2

I rent out a room in my house, do I have to report the rent as income?

2 Answers