OT: Renting a room in my house and Taxes. - Saab General Bulletin Board - Saabnet.com
The banner above is an advertisment - if it asks you to download software, please ignore.
Site News -
4/9 Saab Owners' Convention Day Pass Raffle |
3/26 M Car Covers (by State of Nine)
[General |
Members |
C900 |
9000 |
NG900 & OG93 |
93 |
95 |
NG95 |
99 |
Sonett |
Vintage Models |
Clubs |
Other Cars |
FAQs |
Gifts |
Member Photo Galleries |
Member Directory |
Classifieds |
Manuals |
*Buddy Registry |
*Mileage Registry |
Polls |
What's New |
Raffle |
Photo of the Month |
Sponsors]
Before I go spend money on a legal/financial/tax adviser I figure I'd see if all the smart people on Saabnet have any insight on this...
I bought a house a couple weeks ago. I could not have asked for a better experience. For a short sale, everything went really fast and smoothly. I'm all moved in and I'm really enjoying the few projects that come with home ownership I've done already. I can feel the equity growing! It's a good size 4-bed, 2-bath, 2 car attached garage cape.
Anyway, I'm renting a bedroom to my friend who I've lived with for a little over a year, and I'm advertising another bedroom to rent just to further contribute to the mortgage payments. I just don't know the legalities of this process. I ran it by my insurance company and they don't seem to care as long as I'm living in the house with the renters. My biggest question is if I need to report the income I get from renters to the IRS, which would amount to over $12k/year.
Any input would be appreciated! Thanks.
Posts in this Thread:
- OT: Renting a room in my house and Taxes., B Millar , Thu, 27 Sep 2012 07:02:59 <-- Viewing This Message
- Well, I am a CPA, and this is rent..., RodM, Thu, 27 Sep 2012 18:21:20
- Yes, but spend the money on a local advisor, Noel, Thu, 27 Sep 2012 11:32:02
- Check with a CPA, but my mom did for years., EricG, Thu, 27 Sep 2012 11:11:48
- We rented part of our house for years.., Cary, Thu, 27 Sep 2012 10:15:16
- In a word....., MI-Roger , Thu, 27 Sep 2012 07:07:15
Members do not see ads below this line. - Help Keep This Site Online - Signup
Post a Followup
No Site Registration is Required to Post - Site Membership is optional (Member Features List), but helps to keep the site online
for all Saabers. If the site helps you, please consider helping the site by becoming a member.
StateOfNine.com
|
SaabClub.com
|
Jak Stoll Performance
|
M Car Covers
|
Ad Available
|
Random Saabnet.com Member Gallery Photos (Click Image)
This is a moderated bulletin board - Posting is a privilege, not a right.
Unsolicited commercial postings are not allowed (no spam). Please, no For Sale or Wanted postings, SERIOUSLY.
Classifieds are to be listed in The Saab Network Classifieds pages.
This is a problem solving forum for over 250,000 Saab owners, so expect to see
problems discussed here even though our cars are generally very reliable. This is not an anything goes
type of forum. Saabnet.com has been a moderated forum since 1988. For usage guidelines, see the
Saabnet.com Mission and Purpose Page. Please remember that you are
not anonymous. Site Contact | Site Donations | Other Sites by SP -
Poverty2Prosperity.org | Run Club Menlo Park | ScreenBot
Site Members do not see red text instructions, bottom of the page anchor ads, or box ads.
Click here to see all
the Site Membership Benefits!