Question

Landlord income taxes for renter

Forum|Forum|4 years ago
September 9, 2021
2 replies
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I own a house and my roommate is unemployed and applied for rental assistance. I received 6,300 of it to pay towards his part of the mortgage. Will I have to pay tax on this money I received?

R

RossP88

Hi! I am a TurboTax Live CPA. Yes, since you collected rent, you will need to pay tax on that income regardless of the source.

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E

eburnham64Author

Since I have to pay taxes on the money received, what in my house will I be able to write off?

Michele_H

Hi @eburnham64! You will be able to exclude certain expenses on your rental property I am attaching some articles to help you determine what you can include.

https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping

https://turbotax.intuit.com/tax-tips/rental-property/rental-property-deductions-you-can-take-at-tax-time/L72blTSwA

http://taxpreparationchecklist.com/checklists/schedule-e-checklist.htm

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X

xmasbaby0

Employee

If you are a landlord and are receiving rent, you report the income you received. The fact that your renter received assistance is not relevant. It was still income to you. Do you and your roommate have a written lease or rental agreement? Or is this just a roommate cost sharing arrangement?

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