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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
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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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