Hi, folks!I just bought my first house, and decided to rent one of the bedrooms to a roommate. Does anyone know what the tax implications of this are, if anything?Thanks for any advice!michaluna
the tax implications are that it is gross income and must be claimed as such on your taxes. i'm no accountant, but i don't see any deductions you are entitled to as a result of renting since it is your primary residence as well, aside from the traditional ones you are entitled to take.now, as a practical matter, it may only matter if your state allows a renters' deduction and if your friend plans to take it. you guys could have an agreement of sorts, but technically i think it's gross income.
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