Yes. According to agent Lina J 2018, this is how you will report.
"If you charged a rent under the fair rental price or rented for less than 14 days, you would report the income under "other income" on line 10 of your Form 1040. It is not considered as a rental business. You do not need to report any rental income or related expenses on Schedule E. IRS considers this as a hobby. To enter, here are the steps (online):
- Sign in to your account or open your return if using Turbo Tax Desktop.
- To the right upper corner, in the search box, type in "other reportable income" and Enter
- Select Jump to other reportable income
- Next screen, Other Wages Received, select No to continue
- Next screen, scroll down all the way to the bottom, under Other reportable income, select Start
- Next screen, Any Other Taxable Income? select Yes to continue
- Then give it description as roommate rent and the amount."
Keep a record of your improvements as these will be added to the basis of your house when you sell it. My experience has been that people do not keep track of their improvements and as a result, may pay more capital gains tax as a result of this error.
As far as mortgage interest and property taxes, these can be deducted as itemized expenses on your return provided your itemized expenses exceed your standard deduction amount for 2023. Here is LinaJ2018 post.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
