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Old 12-27-2017, 01:35 PM
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Renting House to Ex

Hello my ex and I co-own a property(both on deed and Mortgage), she is currently paying me $700 dollars a month rent which does not cover the house payment, taxes and insurance. Assuming that income is taxable ? How would I report it on my 1040 ?

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Old 12-28-2017, 03:47 AM
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Hello my ex and I co-own a property(both on deed and Mortgage), she is currently paying me $700 dollars a month rent which does not cover the house payment, taxes and insurance. Assuming that income is taxable ? =====>

No I do not think so UNLESS your rental income exceeds rent related expenses. You need to report your rental income/expenses on Sch E f 1040 for your return
How would I report it on my 1040 ?====>Please use Sch E of 1040 for the income/related expenses. If you are not sure of it, please context an IRS Enrolled Agent /a CPA doing taxes in your local area for your fed/sate returns.



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