Roommates and the IRS

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Topic: Roommates and the IRS

Home and Garden March 15, 2013 at 1:21 pm

Roommates and the IRS

Just curious, how many of you out there in POPVille that rent rooms out in their house count the money they recieve as rental income?
I’ve done research, and it appears that you count it as rental income, but can deduct from it part of your expenses of maintaining the house. This seems like a lot of trouble for just renting out a bedroom or two.
I’m just wondering, do people in DC generally do all this, or just take the money in and count it as sharing living expenses.

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It’s not a hassle at all and the financial benefits are worth it.  If they use “half” the house you can write off half of everything you do – from planting flowers in the yard to painting, whatever.  Turbo Tax will walk you through it.

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