Tax Warrior Chronicles

Renting a room? That Income is Taxable. However...

Posted on Fri, Oct 11, 2019

By: Stephanie Otake, CPA

 

Suppose you are someone who lives near a college town or resort area and have extra rooms to spare in your home. You think to yourself, why not rent out one of the rooms since you aren’t using the space and make some extra money? Well, you could. But, since you are receiving rental income now, taxing authorities also want their share.

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Tax Considerations of Converting Your Primary Residence into a Rental Property

Posted on Thu, Oct 18, 2018

By: Clare Porreca, CPA, MT

 

Converting a primary residence into a rental property is a common occurrence.  With the real estate market on a slight decline, more taxpayers may decide to rent rather than sell their homes to wait out the market.  If you’re in this situation, read on so you’re aware of the tax implications of converting your home into a rental property.

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