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Reply to "crude tax question - if you are renting out your home for less than your mortgage..."
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[quote=Anonymous]As a pp noted, be sure you keep track of all your expenses. We rent out a basement apartment and provide heat, electric, water, Directv, and wifi included as part of the rent. Every year I prorate our costs on these various things and give the info to my accountant to submit on our taxes. Plus any repairs or purchases of, say, new appliances. Do realize that you could get a notice that you have to file business taxes. We'd been filing this on our personal income taxes and the District government found out after a few years and told us we had to file business taxes - which we do now. It's not much. Don't know how the District government found out - maybe their contractor went through our personal income taxes. Maybe they got our address from the Craig's List rental ad. Not sure but it's not a big deal.[/quote]
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