Do I need to report rent money as income if the expenses of owning the home (mortgage, maintenance) exceed the money earned?

I live and care for my 86 year old mother and my only income is $24,778.00 from permanent SSA Disability. I have Medicare only. No retirement, etc

Asked by beverlycrousept

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Answered by David Moore, Financial Adviser in Brooklyn, NY
YES. Generally speaking, all income needs to be reported for tax purposes. This includes rent money, even if the expenses of owning the home are greater then the rent itself. By the same token, you should definitely report the expenses of owning the home - if the total exceeds your standard deduction, you'll be eligible to itemize and lower your tax bill. | 04.14.16 @ 15:40
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$commenter.renderDisplayableName() — {comment} | 12.05.16 @ 04:43
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