Must homeowner declare rent received from partner?

Situation may impact income taxes

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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 legally obligated to pay half the mortgage payments and property taxes, I don't see how your partner is entitled to itemize income tax deductions for the payments made to you. You and your partner shou...