How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16576
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
23669918
Type Your Social Security Question Here...
Megan C is online now
A new question is answered every 9 seconds

if I am renting a room in my house, does this income affect

This answer was rated:

if I am renting a room in my house, does this income affect my social security retirement payment?

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

How are you today?

Megan C :

Rental income is not deemed "earned income" and therefore will NOT impact your social security benefits at all.

Customer:

what is the limit a retiree can earn without affecting their ss benefits

Megan C :

You can earn an unlimited amount of rental income.

Megan C :

Are you at least full retirement age, or are you under full retirement age?

Customer:

what about wages income

Megan C :

Are you full retirement age?

Megan C :

At least 66?

Customer:

yes

Megan C :

THen you can earn an unlimited amount

Megan C :

The earnings limit only apply to those who take their benefits early

Customer:

I was told 25,000 a year?

Megan C :

No, you can earn an unlimited amount and not have a reduction in your benefits

Megan C :

You can read about this, HERE

Customer:

When I do my taxes how I show this rent

Megan C :

When you do your taxes, you will show this on schedule E.

Megan C :

You can deduct any expenses related to the rental of that unit.

Customer:

eventhough I do schedule E still does not affect my benefits

Megan C :

That is correct, rental income does not impact social security retirement benefits

Customer:

Thank you

Megan C :

You're welcome.

Megan C :

Is there anything else I can assist you with today?

Customer:

no

Megan C :

Please take take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Megan C and other Social Security Specialists are ready to help you
Thanks, Nury for your positive rating. Please come back and visit me any time you have a tax, finance, or social security question. It was a pleasure working with you today.

In a couple of days you may receive a short survey. Your positive feedback on this survey would be greatly appreciated, as it will help me with my rankings on the site. Thanks again for being a valued JustAnswer.com customer.