Buying a home and having a roommate

I'm sure this question has been asked before, but I can't seem to sift thru the search results to find exactly what I'm looking for. Hopefully someone will be kind enough to answer what is likely the umpteenth time this question has been asked :) I bought a house last year, and recently acquired a roommate. He's a coworker who wanted to be closer to work, and didn't much care for his former roomies anyway. We pretty much share the house equally (it's a two bedroom) and all utilities. I pay 2/3 the mortgage, he pays half (he can't afford anything more than that). We split the utilities evenly. Should I report any of this as income? It comes to about $6000/yr. If so, how do I report it? I've seen bits and bobs about a schedule E talked about, so far, but that means little to me. Is this situation to my advantage tax-wise, or to my detriment? (ie, have I made a bad tax situation for myself by acquiring a roomie?) Thanks for any advice!

Tyler

> > > > > > > > >
Reply to
Logos
Loading thread data ...

Rather than structure this as a rental property, I'd see if it can't be a cost-sharing arrangement. You pay mortgage and property taxes and probably other stuff and he pays utilities and maintanance and food and cable, etc.

If the cost sharing arrangement works Ok, there's no taxable income or deduction here.

Reply to
Arthur Kamlet

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.