Photo by PoPville flickr user Takka-San
“Dear PoP,
I know you have posted questions about renting out a basement, which includes its own entrance and is a self-contained rental unit, as well as issues when someone rents out their entire house — but what do I, as the owner/resident of the property, need to do to legally rent out the third floor of my house. Anything? And how are the tax deductions affected? Do I still get them even though I live there? Can I deduct half the depreciation of my house because I am effectively renting half of it out? I realize you have posted questions like this before, but thought I would give it a shot as I imagine a lot of people have similar issues/questions, particularly considering that the summer intern season is upon us.”
Anyone rent out a room or a floor of their house?