Tuesday, December 20, 2011

If you rent out a room in your house, is that taxable income? And is there anyway you could deduct it?

The net income is taxable. You will probalby fill out a schedule for it as a business transaction on your tax return and you can deduct things such as a prorata cost of the utilities, taxes, etc. as well as depreciation on the facility based upon square footage of some other legit method.

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