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

Question

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

Thanks!

where do you live, and where is the house, the world does not have a single tax law yet! — Ian, Feb 06 '10 at 23:08

score 7 · Accepted Answer · answered Feb 04 '10 at 17:56

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.

score 2 · Answer 2 · answered Feb 04 '10 at 17:57

2

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

answered Feb 04 '10 at 17:57

Allan

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

2 Answers2