How do I claim income from a room I rent in my house?

cgreg002 — Sat, 01 Jun 2019 01:45:58 GMT

Renting a room in my house. I want to claim the income on my taxes. How do I do that? Can I use my GE license from an unrelated company?

Yes, income and expenses from renting a room in your home...

PatriciaV — Sat, 01 Jun 2019 01:46:00 GMT

Yes, income and expenses from renting a room in your home may be reported on your tax return using Schedule E.

If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property.

You do not have to divide the expenses that belong only to the rental part of your property.

You can use any reasonable method for dividing the expense. The most common methods for dividing an expense are based on the number of rooms in your home or based on the square footage of your home.

The easiest way to find this section of TurboTax is to use the Search/Find box at the top right side of the TurboTax header. Click on the magnifying glass, type in "schedule e", hit Enter, and click on "jump to schedule e" to go directly to beginning of this topic.

topic How do I claim income from a room I rent in my house? in Investors & landlords

How do I claim income from a room I rent in my house?

Yes, income and expenses from renting a room in your home...