Do I have to report income from renting a room?

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asked Mar 18 in Real Estate - Renting by naBizzaro (280 points)
Do I have to report income from renting a room?

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answered Mar 19 by Cathy21 (19,400 points)
Yes renting a room in a house that you own and live in means that you become a live in landlord.

And that income that you make each month from renting out the room in your house as a live in landlord is rental income.

So you must report all income you receive each month on your income taxes and failure to do so could get you audited and cause more trouble.

Always report all income you make because not only will it save you from trouble you will eventually get the income back through social security when you retire.

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