I am renting out a part of the home in which I live. Do I need to report income received from this rental?

Yes. The income received from renting out a portion of your home is income and must be reported.

However rental income may be exempt from taxation (though this means you may also not deduct business expenses related to the rental), under certain circumstances.

You may still deduct on Schedule A (Form 1040), Itemized Deductions, the interest, taxes, and casualty and theft losses that are allowed for non-rental property.

[IRS]: Reporting Income and Deductions.

The foregoing is not intended to be, and should not be construed to be, tax advice. This website offers general answers to general questions based on information obtained from www.irs.gov and other publicly available information. Collaborative Fund cannot be held responsible for the results of any position taken on a tax return by any user of this site. Users should always obtain independent tax advice from a qualified tax professional to determine the tax consequences applicable to such user’s personal situation.