Some Guidance On Renting Out A Room In Your House

Real Estate Agent with Classic Realty Realtor

I live in a 55+ Community and thoroughly enjoy doing so.

Many in our community and other Active Adult Communities have chosen, on occasion to rent out just a room in their house. In other words, we are not talking an entire house - only a room.

So are there tax deductions that a landlord in this kind of situation can consider at Tax Time? The answer is, "Yes" and one of the best articles I've read on this subject is written by Stephen Fishman. He is a Tax Expert, Attorney and Author. I would urge you to take a look at this post on the subject of: 10 Expenses You Can Deduct When Renting Out A Room

By the way, this is not an area of my strengths and so I must urge you to always check with your Accountant/Attorney/Tax Expert to make sure you are taking the right deductions.

This is Some Guidance On Renting Out A Room In Your House . . .


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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Good information for those that wish to rent a room.  All should check to make sure there would be no local code violations.

Have an outstanding week with your camera in hand.

Aug 07, 2012 04:59 AM #1
Irene Durocher
Coldwell Banker BUYERS AGENT - Boca Raton, FL

Hi David, good information, thanks for sharing with us.

 Have a great day!

Aug 07, 2012 08:21 AM #2
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo & Home Sale Specialists
I had to check again where you were from because In our 55+ communities rooms cannot be rented and many don't allow rentals at all...
Aug 07, 2012 08:56 PM #3
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

David, you are over 55????    Great information on renting out rooms when retired.  So many are on fixed income and struggling with living expenses, and this could really help!

Aug 07, 2012 10:37 PM #4
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

I always appreciate your comments on my blogs.

Have a most productive August.

Aug 09, 2012 06:02 AM #5
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Really tricky as you know, but a great help for someone that needs the income. I printed out the information, in case I am ever asked.

Thank you for sharing the information with all of us.

Aug 09, 2012 11:33 PM #6
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Depnding on the bylaws, in New Jersey it is possible.  But I think the renter would have to be 55+.

Aug 13, 2012 11:03 PM #7
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David Burrows

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