DEAR BOB: I bought my first house in 2005. My partner lives in it with me, but the mortgage and title are in my name alone because I have better credit. My partner gives me money each month to go toward paying the mortgage. Is this considered rent and therefore taxable? --Clarissa P. DEAR CLARISSA: From your description of the situation, it appears the money you receive from your partner is rent that you should report on Schedule E of your income tax return. Purchase Bob Bruss reports online. Because the house is in your name alone, and you are not married to your partner, you are then entitled to depreciate part of the house rented to your partner. Also, you can deduct part of applicable expenses such as part of the insurance and household repairs on Schedule E. Unless your partner is le...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.