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You would want to report that rental income and the expenses associated with it on your Schedule E, Income or Loss from Real Estate. This will also prevent you from having to pay self-employment tax on that income.
Think of your room rental as a whole house, except you will need to prorate the expenses when entering them.
You can find directions on how to enter that information in the FAQ below:
You would want to report that rental income and the expenses associated with it on your Schedule E, Income or Loss from Real Estate. This will also prevent you from having to pay self-employment tax on that income.
Think of your room rental as a whole house, except you will need to prorate the expenses when entering them.
You can find directions on how to enter that information in the FAQ below:
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