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I have a duplex. I rent out one half and live in the other with roomates. How do I file this, including the rent roomates pay me?

 
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2 Replies
Patrice
New Member

I have a duplex. I rent out one half and live in the other with roomates. How do I file this, including the rent roomates pay me?

How to enter rental income for duplex

https://ttlc.intuit.com/replies/3288530

Roommate rental

If this is merely a cost sharing arrangement where the amount paid is below fair market rental, there would be no reportable income to you. However, If the “rent” amount is fair market value, or more and you collect rent from someone who lives in a property that you own – even if it's just a room in your house – you're considered a landlord and must report the rent you receive as taxable income.

How to file rental income from roommates 

https://ttlc.intuit.com/replies/5783414

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Carl
Level 15

I have a duplex. I rent out one half and live in the other with roomates. How do I file this, including the rent roomates pay me?

There's several ways to do this with TurboTax. You'll probably find it easiest and simplest to treat each unit as a physically separate entity. It's really easy if each entity has it's own separate metered utilities. The rental unit is entered as exactly that - a physically separate unit that is 100% business use.

Then for the unit you live in you enter that as a physically separate unit selecting the option for "I rent out a room in my house/primary residence".

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