I am currently deploy and have a friend living in my house. The electricity bill is on his name but water and gas is on mine so he sent me money to pay for those utilities since he is the one using it. He also sent me money monthly to help with the mortgage, and of course I don't mind the extra cash, but the Army also gives me money to pay that expense while on deployment. But while I was researching to make my currently single family to a duplex to rent later when I get back. It says that I have to report rental income, but I don't consider that rental income. That extra cash is not even half of my monthly mortgage which it was almost $1500 from January to October now is $1600 because some home insurance problem. I calculated that the amount of money he has sent me is around $4800 plus the bills money that go to the bills. What this money would be considered as? Do I have to report this as income or can be also considered as just gift money? I also don't know if this is also important but the fair market rent around here is range from $1200 to $1600. So if the amount he had sent me get broken monthly that is not even close to the fair market rent. There is also this "According to the IRS, a property is considered a personal residence if the owner or certain family members use it for personal use for 14 days or 10 percent of the days it is rented out." I don't know how this affect me at all but is worth consider. since I been in orders since January 1 and I don't have a expecting return date until July of next year.
