How do I report my property if I own the house and receive rental income from tenants living WITH me?
I purchased a home in 3/07 as my primary residence. I am young so I also have roommates living with me. How do I report this property and the rental income? Investment income? Rental property?
I just went through turbotax and I am pretty confused about this. Thanks for your help!
Read publication 527.
Are you renting at full market value or not?
If not, you put the rent on line 21 as rental income and the prorated expenses (up to the amount of rent) on schedule A.