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Get your taxes done using TurboTax
You can treat the amount received from your roommate as shared expenses and not taxable income.
If you want to consider the amount received as rent, then it would be a not-for-profit rental which is covered in IRS Publication 523 on page 16.
Otherwise any amounts received from your room-mate is shared expenses and not reported on your federal tax return.
You can still deduct the mortgage interest and property taxes as itemized deductions on Schedule A of the tax return as the owner of the property.
‎January 24, 2021
9:07 AM