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Yes, but spend the money on a local advisor
Posted by Noel [Email] (more from Noel) on Thu, 27 Sep 2012 11:32:02
In Reply to: OT: Renting a room in my house and Taxes., B Millar [Profile/Gallery]
, Thu, 27 Sep 2012 07:02:59
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All you need is what a CPA will tell you, as laws differ by state, and CPAs usually know this stuff. But don't hide from the tax man as it could come back to bite you. Lots of people hide this kind of thing, but you never know what's gonna come along so better safe than having the IRS say you're dodging taxes.
Generally, you need to declare the rent as a form of income, so you'll be submitting some additional tax forms. But you can also write off or depreciate some portion of what you do to the house, as opposed to none of what you do. Check into whether there are any laws in CT about things you (as landlord) are required to do for your tenant(s).
Insurance is a biggie, so make sure you're well-protected (call your agent) and the tenants should also have renter's insurance. In the event of a fire, their belongings wouldn't be covered under your homeowner's policy. If a tree fell on their room, your policy would fix the house, but not their stuff. Etc.
Your friend is one thing, but someone you don't know is a bit different. You may want to have some type of agreement, not necessarily a lease, but something requiring them to have renter's insurance, etc.
Just my $0.02.
Posts in this Thread:
- OT: Renting a room in my house and Taxes., B Millar , Thu, 27 Sep 2012 07:02:59
- 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 <-- Viewing This Message
- 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
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