Lots of people are trying to earn a few extra bucks by renting out a room in their homes. As far as taxes go, this comes with bad news and good news.

The bad news is that the rent you receive is taxable income that you must report to the IRS.

The good news is that your taxable rental income can be wholly or partly offset by the tax deductions you’ll be entitled to.

So, if you are one of the many people renting out rooms in your home to vacationers and tenants, remember this is considered taxable income. It must be included on your form 1040.

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