General Discussion

TexasBushwhacker

(20,874 posts)

63. It is taxable income

Sun Mar 9, 2025, 05:26 PM

Mar 9

But you can deduct expenses associated with the cost and maintenance of your home, based on the square footage the tenant has access to. If the basically have access to half of the house (kitchen privileges, half the garage, etc) then you can deduct half of the expenses associated with the house - half your utilities, maintenance, homeowners insurance, etc.

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I thought about renting out the extra room in my house [View all] CountAllVotes Mar 9 OP

What if it's worded more like a roommate xmas74 Mar 9 #1

thanks for this CountAllVotes Mar 9 #3

Advertise for a roommates xmas74 Mar 9 #5

That is being deceptive. Big Blue Marble Mar 9 #30

It's not deceptive if xmas74 Mar 9 #32

Actually it is. Big Blue Marble Mar 9 #37

You want to talk about deception? Look at our Government right now. William769 Mar 9 #40

Yes but that has nothing to do with this situation or reporting your taxes. Big Blue Marble Mar 9 #45

Also it *might* be easier to get rid of a roommate than a tenant. Proceed carefully... Hekate Mar 10 #69

My parents tried that for a while Shermann Mar 9 #2

I'd prefer to live alone CountAllVotes Mar 9 #4

I would prefer to live alone, too Mariana Mar 9 #17

I was living alone in a four bedroom house. totodeinhere Mar 9 #6

I'm sort of a loner CountAllVotes Mar 9 #7

any colleges or universities around there? NJCher Mar 9 #8

Yes, two of them CountAllVotes Mar 9 #10

Look for an older student xmas74 Mar 9 #16

That is a good idea CountAllVotes Mar 9 #19

There are plenty of nontraditional students xmas74 Mar 9 #24

Many communities have a local agency on aging which might be able to provide totodeinhere Mar 9 #11

I get help with the utility bill CountAllVotes Mar 9 #13

you could build that into the rent NJCher Mar 9 #18

You and millions more Americans are struggling with those same issues. totodeinhere Mar 9 #20

Frankly, I hope I don't live very much longer CountAllVotes Mar 9 #21

There was a time when I would have thought your comment was absolute craziness. hamsterjill Mar 9 #49

thanks CountAllVotes Mar 9 #50

Here is a good organization that is doing advocacy: spooky3 Mar 9 #57

I don't know how much your car loan payments and car insurance are running you each month, not to mention gas & Native Mar 9 #38

the car is cost me abt. $500 a month CountAllVotes Mar 9 #39

Can you put an ad on Craigslist to sell your car? wordstroken Mar 9 #64

The car has a lien on it still CountAllVotes Mar 9 #65

If you could get enough to just pay it off, it could be worth it. mucholderthandirt Mar 10 #67

Do more than just a hand-shake agreement, be sure to have a lease document prepared. Abolishinist Mar 9 #9

They do have a homeless problem here CountAllVotes Mar 9 #12

Don't take in someone who is desperate. milestogo Mar 9 #23

A homeless man that is desperate has been after me CountAllVotes Mar 9 #52

Sadly, its dangerous. milestogo Mar 9 #55

1) you can take expenses (including a part of depreciation, taxes, repairs, utilities, etc.) spooky3 Mar 9 #14

I pay taxes every year CountAllVotes Mar 9 #15

Then the taxes on the net rental income spooky3 Mar 9 #25

Many are selling their houses and moving into RVs here CountAllVotes Mar 9 #31

If you don't need to drive much, would you be better off without the car, gas and insurance expenses and instead MLAA Mar 9 #33

I can walk away from the car CountAllVotes Mar 9 #35

if you aren't planning on buying a new home or anything major on credit, who cares if your credit takes a hit....even Native Mar 9 #41

My bank back east recommended CountAllVotes Mar 9 #46

Yes, it is. I'm sorry you're dealing with this. Nt spooky3 Mar 9 #36

Your tax bracket would seem to be low. Big Blue Marble Mar 9 #34

It might be something to consider Niagara Mar 9 #22

I wanted to rent out our upstairs that we rarely use. I wanted a single female renter under 30. Doodley Mar 9 #26

Also consider people who travel a lot for work. They cbabe Mar 9 #27

I think you can sign up on places for this...and it could be safer? FirstLight Mar 9 #29

You could start with the sign up agency. You could cbabe Mar 9 #42

oh yeah...Air BNB is awful...but I was thinking there's those kinds of agencies for business or college folks... FirstLight Mar 9 #48

Try Furnished Finders sorcrow Mar 9 #66

the need for that is dwindling. there are now sites like furnishedfinder.com that cater to professionals in this Native Mar 9 #44

I've had not good experiences or luck...but then again, I didn't screen well or have good baundaries. FirstLight Mar 9 #28

Be very careful when choosing the tenant malaise Mar 9 #43

Traveling nurses and doctors dempls Mar 9 #47

after watching worst roommate ever on Netflix... I nixed this idea. CANADIANBEAVER69 Mar 9 #51

I've heard some shocking stories too CountAllVotes Mar 9 #54

Do you have a university nearby? SheltieLover Mar 9 #53

Thank you to all that replied CountAllVotes Mar 9 #56

Do you have a nearby college or university? Jacson6 Mar 9 #58

My parents tried renting out the 2nd floor of their house peggysue2 Mar 9 #59

sending you a DM but search for a Homesharing organization in your state. They exist in Pennsylvania, Oregon, many mahina Mar 9 #60

Make sure you understand the legal requirements in your town of being a landlord MichMan Mar 9 #61

I heard a radio ad from Parkersburg, WV Marthe48 Mar 9 #62

It is taxable income TexasBushwhacker Mar 9 #63

if you can't rent to family/friends -- sell and rent an apartment cadoman Mar 10 #68