topic Rental activity? in Business & farm

Rental activity?

mhereza — Fri, 20 Nov 2020 19:46:31 GMT

My boyfriend owns the condo where we are both living. I pay half of everything (mortgage, utilities, HOA...). Should he report this as rental income? If so, what percentage does he have to include? 50%?

Re: Rental activity?

DoninGA — Fri, 20 Nov 2020 19:50:24 GMT

You are both just roommates sharing expenses. There would not be any rental activity to be reported on either of your tax returns.

Re: Rental activity?

Bsch4477 — Fri, 20 Nov 2020 19:50:50 GMT

You are cost sharing so there are no tax concerns and it is not rental income for him.

Re: Rental activity?

Carl — Sun, 22 Nov 2020 15:29:28 GMT

There is no rental activity here, since you two are basically cohabitating together. If your BF is the only one named on the mortgage and the deed, then only your BF can claim the mortgage interest and property taxes on his return, regardless of who actually pays it. You can't claim anything against the mortgage or property taxes.