Question about taxes and being a landlord--

[Scarpozzi]

I'll ask this as simply as possible...

1. I bought a house in October
2. I fixed up a bedroom in the house and am renting it out to a college student as of Jan 1. Basically, it's a roommate situation cause we're under the same roof and share a kitchen and bathroom.
3. The rent collected, it's covering utilities, renovations on the home, etc...

What am I going to need to claim next year on my taxes? Anything?

 

[KLin]

legally? claim it as income.

 

[Ausm]

My Ex-and i did that in a house we had but we had to convert the house into a duplex i.e seperate gas.electricity, and h2o. We also had to make sure there where two means of escape for our tenants. We also have to be rezoned for commercial. It made one heck of a tax wriite off also.

I would suggest contacting CPA and also look into your local ordinaces.

Ausm

 

[T3C]

Claim it as income.

 

[J0hnny]

no need to contact cpa, it's pretty straight forward. You're legally obligated to claim it as income.

 

[Scarpozzi]

Maybe I could figure half of the utilities and subtract that from the monthly rent? There's no need in me claiming money that I never see as income. Either way, I figure I'm making money off from the rental. I just miss the old days of having a roommate that split the rent costs...