Author Topic: Paying taxes on roommates rent?? PLEASE HELP!!  (Read 1339 times)

jonlopez007

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Paying taxes on roommates rent?? PLEASE HELP!!
« on: September 21, 2017, 02:27:59 PM »
Hello Friends!
I currently own a home and have roommates that are paying rent; they are living with me 365 days of the year. I know I am supposed to File a Schedule E to report the income and there are many valuable expenses like depreciation, mortgage interest, repair bills, etc. However, I am unsure if these expenses can count since my personal days in that property are 365 AND the fair rental days are 365 days. Has anybody else had this experience? Thank you for your time!

-Jon

jonlopez007

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Re: Paying taxes on roommates rent?? PLEASE HELP!!
« Reply #1 on: September 21, 2017, 02:32:36 PM »
ANY ADVISE IS GREATLY APPRECIATED, THANKS AGAIN!!

ixtap

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Re: Paying taxes on roommates rent?? PLEASE HELP!!
« Reply #2 on: September 21, 2017, 02:44:03 PM »
You will take a portion of the deductions.

For example, if you have two roommates and you each have the same size room, 2/3 of your property is rented and 1/3 is your own residence.

The details will be in the instructions and relevant IRS publications.

jonlopez007

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Re: Paying taxes on roommates rent?? PLEASE HELP!!
« Reply #3 on: September 21, 2017, 03:01:47 PM »
Do you happen to know what IRS publications? I've been looking for day with no luck, thanks!

ixtap

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Re: Paying taxes on roommates rent?? PLEASE HELP!!
« Reply #4 on: September 21, 2017, 03:16:16 PM »
Do you happen to know what IRS publications? I've been looking for day with no luck, thanks!

https://www.irs.gov/forms-pubs/about-schedule-e-form-1040