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If an unmarried couple reside together and she charges him

Customer Question
rent does she have to...
If an unmarried couple reside together and she charges him rent does she have to claim it as income?
Submitted: 6 years ago.Category: Tax
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Answered in 1 minute by:
9/1/2011
Tax Professional: Jax Tax, Tax Attorney replied 6 years ago
Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1,408
Experience: JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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Jax Tax : If she owns the home, yes. Rent must be reported as income. Depreciation is not allowed ansld associated expenses cannot exceed the rent. It is reported on sch C.
Jax Tax : If the home is not owned, then it is simply a sharing of expenses.
JACUSTOMER-muoiqamv- :

thank you, what happens if i don't report it?

Jax Tax : Nothing really, but you should. If by chance the IRS becomes aware, you will be penalized bit first given a chance to provide associated expenses.
JACUSTOMER-muoiqamv- :

whats associated expenses?

Jax Tax : Interest, repairs, insurance etc. Expenses related to the home. You would expense a portion of these equal to the protion of the home that is rented. That could be based on square feet. 50/50 or any ration that makes economic sense.
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