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Question

Is my house officially a rental property if someone rents a room, even though it's my primary residence?

Forum|Forum|3 years ago
April 10, 2023
1 reply
0 views

No text available

TurboTax Online

Employee

Probably not.

If this is merely a cost sharing arrangement where the amount paid is below fair market rental, there would be no reportable income to you. If the “rent” amount is fair market value, or more, there is still some question as to whether you even have to report it, as it almost always comes out zero. Most people take the attitude that it is not income; it's just room mates sharing expenses and ignore it. Family, as opposed to unrelated roommates, makes that position stronger