Renting a room in your current residence question

I would enjoy the tax free cash.

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.

quote:

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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?

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Really?

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.

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