I own a place and my friend rents a room in my house. Do I have to report that as income to the IRS?
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I would think that since it’s my primary residence it wouldn’t have to be, but I know that’s just too easy to be true.
Yes you do need to report it. If you make a profit report on a sch E that attaches to the 1040. BUT if you only charge for expenses used by the renter you may have a not for profit rental. Check out Pub 527 chapter 4 Page 17
Yes, you have rental income, which is reported on schedule E (Form 1040).
References :
http://taxipay.blogspot.com/2009/04/whats-new-for-2009.html
You are required to report it.
Do you have it report it? Well, in 1969 or 1970, there was a joke that you did not have to go to Vietnam; you also had the option to go to jail.
References :
It’s your primary home and you’re living in it, so I’m thinking no. It’s a contribution toward housing expenses. If it were a rental property and you had a lease and were claiming rental property deductions, different story.
References :
Yes you do…even though it is absolutely ridiculous…as well as 90% of the tax laws out there.
References :
Yes you do need to report it. If you make a profit report on a sch E that attaches to the 1040. BUT if you only charge for expenses used by the renter you may have a not for profit rental. Check out Pub 527 chapter 4 Page 17
References :
http://www.irs.gov/pub/irs-pdf/p527.pdf