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Started By
Message
Renting a room in your current residence question
Posted on 3/15/16 at 10:12 am
Posted on 3/15/16 at 10:12 am
Brother in law is going to stay with us and pay rent...are there any taxes I need to pay on this money we receive? Is it considered income?
This post was edited on 3/15/16 at 10:13 am
8
Posted on 3/15/16 at 10:16 am to thekid
I would enjoy the tax free cash.
Posted on 3/15/16 at 10:31 am to thekid
quote:
are there any taxes I need to pay on this money we receive
It depends on your definition of need.
Posted on 3/15/16 at 11:15 am to thekid
Technically it is taxable income. You can deduct expenses for the part of the house as a fraction of the part you rent over the entire square footage of the house.
Posted on 3/15/16 at 11:25 am to thekid
quote:
Brother in law is going to stay with us and pay rent...are there any taxes I need to pay on this money we receive? Is it considered income?
Really?
Posted on 3/15/16 at 12:31 pm to TheIndulger
quote:
I would enjoy the tax free cash.
Don't report that shite!
Posted on 3/15/16 at 12:42 pm to thekid
nice paper trail you've created here.
Posted on 3/15/16 at 12:50 pm to thekid
you might consider transferring some of the bills to him. Water, cable, internet, alarm, etc... if you trust him. I have no idea how long he will be with you or the situation.
Then you have no "income" off the deal, but reduce your costs.
Then you have no "income" off the deal, but reduce your costs.
Posted on 3/15/16 at 1:05 pm to thekid
Read Section 61 of the IRC.
This post was edited on 3/15/16 at 1:06 pm
Posted on 3/15/16 at 1:18 pm to thekid
(no message)
This post was edited on 3/21/16 at 11:41 am
Posted on 3/15/16 at 1:24 pm to Mr.Perfect
quote:
you might consider transferring some of the bills to him. Water, cable, internet, alarm, etc... if you trust him. I have no idea how long he will be with you or the situation.
Then you have no "income" off the deal, but reduce your costs.
Even the IRS isn't that dumb.
Posted on 3/15/16 at 2:05 pm to WavinWilly
I just venmo my roommate/landlord some money every month.
Posted on 3/16/16 at 9:15 am to Mr.Perfect
quote:
you might consider transferring some of the bills to him. Water, cable, internet, alarm, etc... if you trust him. I have no idea how long he will be with you or the situation.
Then you have no "income" off the deal, but reduce your costs.
No. That is still not within the tax law. The bills have to be allocated proportionally.
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