Is rent from a roommate considered income?

Answer Taking on a roommate to minimize expenses is common, especially during difficult economic times. When accepting a roommate's rent and utility payments, it is important to determine whether to repor... Read More »

Top Q&A For: Is rent from a roommate considered income

Is rent from land earned income?

Rent from land is considered to be earned income. It should be reported on your taxes, but you are to deduct reasonable and necessary fees associated with the property from the total amount earned ... Read More »

How to Get a Roommate to Pay Half of the Rent?

Having a roommate makes it possible to share the expense of running a household between two people. This takes the full financial burden off of both residents. Sometimes roommates take on unreasona... Read More »

How Much Rent Should a Roommate Be Charged?

Computer companies and private computer builders often use computer cases that vary widely in design. As a result, the physical location of some hardware components may differ greatly from one comp... Read More »

Are proceeds from homeowners insurance considered income?

Proceeds from homeowners insurance, received after a covered loss, are not considered taxable income unless you receive more than your adjusted basis in the covered property. Your adjusted basis is... Read More »