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airinalis
New Member

My dad is renting a room from my husband and I in our home. Where do I report this income? On my husbands tax report or my own? We are co-owners listed on the property.

He is only paying about $400 a month, so the income is not considerable. Also wondering if we are eligible for any kind of deductions.

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3 Replies

My dad is renting a room from my husband and I in our home. Where do I report this income? On my husbands tax report or my own? We are co-owners listed on the property.

You are not filing a Joint return?  May I ask why?  You can lose a lot of tax credits by filing separately and the tax rates are higher.  MFS is the worst way to file.

My dad is renting a room from my husband and I in our home. Where do I report this income? On my husbands tax report or my own? We are co-owners listed on the property.

Do you have a written lease agreement with him, or is he merely sharing household expenses?
Hal_Al
Level 15

My dad is renting a room from my husband and I in our home. Where do I report this income? On my husbands tax report or my own? We are co-owners listed on the property.

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. If the “rent” amount is fair market value, or more, there is still some question as to whether you even have to report it, as it almost always comes out zero. Most people take the attitude that it is not income; it's just room mates sharing expenses and ignore it. Family, as opposed to unrelated roommates, makes that position stronger.

Here’s what you may be required to do: Report the income (enter at Rents & Royalties/Income & expenses from Rental Properties); and then deduct the expenses on schedule E.  What you are NOT allowed to do, because it is your own home (you have "personal use") is claim a loss from this activity, to offset other income. Because of the "personal use rule", your deductions are limited to your income. Net effect ZERO.

As you can see, it will not matter who's return you report the activity on. Or you can each report half


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