Simple answer: No.
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); then deduct the expenses. TurboTax will do this on
schedule E. If the room mate has full run of the house, and there's just the 2
of you, then half your expenses are deductible (mortgage interest, property
taxes, insurance, utilities, repairs, and depreciation [if needed}). Your net
income will usually be less than zero.
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.
It is possible for you to gain a positive tax effect from this activity; If
enough of your schedule A deductions (mortgage interest & property tax) are shifted to Schedule E, and
your standard deduction becomes bigger than your itemized deductions, you will
have effectively saved on taxes.
If you have no mortgage, then there could well be profit involved, which
you may have to offset with depreciation that could lead to
"recapture" in the future when the property is sold.
