Posted: 4/14/2008 7:19:18 PM EDT
|
I am trying to report rental income from one room in my current home where I live. In Turbo Tax, I can set it up as a rental property, but it acts like it is the entire property that is a rental, not just one room. How/where should I report this income? |
|
Are you the owner? If so, can't you describe the property as "Spare bedroom at 556 45th street"? Maybe you also could allocate part of depreciation and interest, property taxes. etc. Look for a publication on the IRS site about rentals, especially where it's just part of the place. Bear in mind that that could complicate your situation later should you sell the place. Maybe you want to talk to a CPA and consider an extension till you can figure it out. OTOH, if you are renting vs. an owner, would it be a shared rent arrangement? You don't get a deduction for the rent you pay, and the property owner would seem to be the one receiving the income. Not sure how IRS would treat that on your return. |