renting a room consider income?

**RE101** · 04-18-2010, 01:54 PM

if i'm renting out a room, will that consider income? what about renting it to my mom or relative?

if it's income, that means i need to report taxes on it, right? i'm in Los Angeles.

**Chrisopher Moltisanti** · 04-19-2010, 03:43 PM

If you're renting a room or pushing something on the street: whenever you receive cash, it's income. Unless you get paid in bottle caps.

Speak with a competent tax attorney. If you're renting out a room in a home that you own,
you could get a tax break of some kind.

CM

**vijendrasnv** · 04-25-2010, 10:02 PM

Hi,

legally it is considered as an income as you are earning from it.

But if you are renting it to your mom or relative then it can be considered as your family issue,this all depends on your perception.

Thanks

**brownnataly21** · 04-26-2010, 07:04 AM

Sure it's income and you have to pay taxes. If you don't pay, then they will give some fines first and the even the custody if your debt is serious.

**amasters** · 04-28-2010, 01:20 PM

I can't advise you on tax matters since I am not a tax professional. But I CAN tell you that boarder income is essntially what you're talking about, and boarder income doesn't count for the purpose of mortgage qualifying income.