Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: HarryHood Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121150  
Subject: Rental income Date: 2/23/2000 3:30 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I purchased a home in July of 1999. Since the date of purchase I have rented a room in the home to my sister. The room is not stand-alone -- i.e., her rent gets her the bedroom and shared use of the house.

While I am confident (unfortunately) that the rent she pays me and the portion of utilities she pays me is taxable income to me, and that I can deduct mortgage interest for the entire house, I'm not sure where to report it. Schedule E covers rental income, but where should I go?

Also, can I deduct expenses attributable to that room and her use of the house (to the extent they are identifiable)?

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Kate Spade's Wild Ride
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement