I rent a house and pay the rent of $2,200 a month myself but I also have two roommates that help but they pay $600 each to me and I make the total payment myself. My roommates are not on the lease because I am on the lease and as the personal guarantee.
I'm not sure whether or not I am supposed to even report this as rental income and how would I do so? The others also pay 1/3 of the utilities to me and I make the full payment. Do I even need to do a Sch E in turbotax? Can I claim a loss on this property even though I don't own because I also rent this house?
In total I receive about $1550 a month from them and I pay about $1050 a month myself. The bills total out to just around $2600 a month.
Please help!
