You can report this as other income since you were not engaged in this activity for a profit motive.
It appears you were not engaged in this activity for a profit, so you also have the option to report this as 'Other Income'. This reporting does not allow any expenses to offset the income.
Other Miscellaneous Income:
Go to the Wages and Income section of TurboTax
- Scroll to Less Common Income > Select Miscellaneous Income, 1099-A, 1099-C
- Select Other reportable Income > Enter a description (----) and the amount
If you decide this was for profit, complete your Schedule C, for self employment, then enter your expenses there. As far as utilities, insurance, property taxes, etc, you should use the square feet for the room divided by the whole house or apartment square feet to arrive at the business use percentage. If there were expenses directly for the displaced friend and not the whole home, those can be deducted without allocation.
@domerdoc
[Edited: 02/14/2024 | 12:40 AM PST\
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