- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Partners splitting cost of mortgage count as rental income
I am polyamorous and live with my partners. I own my home, they’re not owners with me and they give me money to split the cost of sharing the home. Do I count this as rental income when they don’t have a lease? Do they list me as a landlord on THEIR taxes if they don’t have a lease and we’re in a relationship? If I should report then paying towards living with me, should they be eligible for the renters deduction on their taxes?
I already submitted my taxes and didn’t think of this issue until someone mentioned it. Do I need to make an amendment?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Partners splitting cost of mortgage count as rental income
You are just cost sharing which is not reported on your return.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
Partners splitting cost of mortgage count as rental income
What matters here is "intent". From what I read you just have a cost sharing arraignment with no "intent" to make a profit. So you're fine and can leave well enough alone.