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Posted by Arthur Kamlet on June 24, 2007, 10:41 pm
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> 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?)
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.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
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